Ranger Global Real Estate Advisors LLC Boosts Holdings in CubeSmart (NYSE:CUBE)

Ranger Global Real Estate Advisors LLC raised its holdings in CubeSmart (NYSE:CUBEFree Report) by 20.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 609,460 shares of the real estate investment trust’s stock after acquiring an additional 104,300 shares during the period. CubeSmart makes up approximately 3.5% of Ranger Global Real Estate Advisors LLC’s investment portfolio, making the stock its 11th largest position. Ranger Global Real Estate Advisors LLC owned about 0.27% of CubeSmart worth $23,239,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Morgan Stanley raised its holdings in CubeSmart by 5.5% in the 3rd quarter. Morgan Stanley now owns 3,262,631 shares of the real estate investment trust’s stock valued at $124,404,000 after acquiring an additional 169,258 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of CubeSmart by 26.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 215,688 shares of the real estate investment trust’s stock worth $8,224,000 after buying an additional 44,591 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of CubeSmart by 6.3% during the 3rd quarter. Royal Bank of Canada now owns 210,195 shares of the real estate investment trust’s stock worth $8,016,000 after buying an additional 12,375 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of CubeSmart during the 3rd quarter worth approximately $33,972,000. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of CubeSmart during the 3rd quarter worth approximately $4,766,000. Institutional investors and hedge funds own 96.66% of the company’s stock.

CubeSmart Stock Performance

NYSE CUBE traded down $0.19 during trading on Wednesday, reaching $42.86. The company’s stock had a trading volume of 2,960,827 shares, compared to its average volume of 1,595,926. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.04 and a current ratio of 0.04. The firm has a market cap of $9.64 billion, a price-to-earnings ratio of 25.66, a P/E/G ratio of 2.87 and a beta of 0.70. CubeSmart has a twelve month low of $33.17 and a twelve month high of $48.93. The business’s fifty day moving average price is $44.77 and its 200-day moving average price is $41.23.

CubeSmart Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd were paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.76%. This is a positive change from CubeSmart’s previous quarterly dividend of $0.49. The ex-dividend date was Friday, December 29th. CubeSmart’s payout ratio is 122.16%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CUBE shares. Jefferies Financial Group upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and raised their price target for the stock from $38.00 to $53.00 in a report on Tuesday, January 2nd. Evercore ISI cut shares of CubeSmart from an “outperform” rating to an “in-line” rating and increased their price objective for the stock from $42.00 to $43.00 in a research report on Monday, December 11th. Deutsche Bank Aktiengesellschaft started coverage on shares of CubeSmart in a research report on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective for the company. Truist Financial increased their price objective on shares of CubeSmart from $43.00 to $46.00 and gave the stock a “hold” rating in a research report on Thursday, December 28th. Finally, Wells Fargo & Company increased their price objective on shares of CubeSmart from $37.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, CubeSmart currently has an average rating of “Hold” and a consensus price target of $45.36.

Get Our Latest Stock Report on CubeSmart

About CubeSmart

(Free Report)

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, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

See Also

Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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