CubeSmart (NYSE:CUBE) saw a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 6,560,000 shares, a drop of 17.6% from the January 15th total of 7,960,000 shares. Based on an average trading volume of 1,830,000 shares, the days-to-cover ratio is currently 3.6 days. Approximately 3.4% of the shares of the company are sold short.
A number of analysts have commented on the company. Bank of America downgraded CubeSmart from a “neutral” rating to an “underperform” rating in a research report on Monday, January 6th. Raymond James reiterated a “buy” rating and issued a $36.00 price objective on shares of CubeSmart in a research report on Wednesday. Cfra downgraded CubeSmart from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. assumed coverage on CubeSmart in a research report on Wednesday, January 22nd. They issued a “neutral” rating and a $32.00 price objective for the company. Finally, BMO Capital Markets downgraded CubeSmart from a “market perform” rating to an “underperform” rating and set a $30.00 price objective for the company. in a research report on Tuesday, January 7th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $33.00.
Institutional investors have recently bought and sold shares of the stock. Pennsylvania Trust Co bought a new position in shares of CubeSmart during the 4th quarter worth approximately $801,000. Mackay Shields LLC acquired a new stake in CubeSmart during the 3rd quarter valued at $1,265,000. Oppenheimer Asset Management Inc. increased its holdings in CubeSmart by 275.3% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,757 shares of the real estate investment trust’s stock valued at $201,000 after purchasing an additional 4,223 shares in the last quarter. Boston Partners acquired a new stake in CubeSmart during the 3rd quarter valued at $80,499,000. Finally, Penserra Capital Management LLC increased its holdings in CubeSmart by 37.4% during the 3rd quarter. Penserra Capital Management LLC now owns 5,049 shares of the real estate investment trust’s stock valued at $175,000 after purchasing an additional 1,375 shares in the last quarter. Institutional investors and hedge funds own 99.06% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 4.00%. The ex-dividend date was Tuesday, December 31st. This is an increase from CubeSmart’s previous quarterly dividend of $0.32. CubeSmart’s dividend payout ratio (DPR) is 80.49%.
CubeSmart Company Profile
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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