Morgan Stanley Decreases Holdings in CubeSmart (CUBE)
Morgan Stanley trimmed its position in CubeSmart (NYSE:CUBE) by 12.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,610,372 shares of the real estate investment trust’s stock after selling 382,371 shares during the quarter. Morgan Stanley owned 1.40% of CubeSmart worth $84,106,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sun Life Financial INC bought a new stake in shares of CubeSmart during the 2nd quarter valued at $118,000. PNC Financial Services Group Inc. lifted its position in shares of CubeSmart by 198.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,548 shares of the real estate investment trust’s stock valued at $180,000 after acquiring an additional 3,686 shares during the period. CIBC Asset Management Inc bought a new stake in shares of CubeSmart during the 2nd quarter valued at $208,000. Clinton Group Inc. bought a new stake in shares of CubeSmart during the 1st quarter valued at $221,000. Finally, Intact Investment Management Inc. bought a new stake in shares of CubeSmart during the 2nd quarter valued at $226,000.
Shares of CUBE stock opened at $29.32 on Monday. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 0.94. CubeSmart has a twelve month low of $24.96 and a twelve month high of $33.18. The firm has a market cap of $5.45 billion, a P/E ratio of 17.99, a price-to-earnings-growth ratio of 3.58 and a beta of 0.08.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be given a dividend of $0.30 per share. The ex-dividend date is Friday, September 28th. This represents a $1.20 annualized dividend and a dividend yield of 4.09%. CubeSmart’s dividend payout ratio is currently 75.47%.
CUBE has been the subject of a number of recent analyst reports. ValuEngine downgraded CubeSmart from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Jefferies Financial Group downgraded CubeSmart from a “buy” rating to a “hold” rating and set a $37.00 target price for the company. in a research report on Tuesday, July 17th. Citigroup upped their target price on CubeSmart from $29.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday, July 12th. Evercore ISI upgraded CubeSmart from an “in-line” rating to an “outperform” rating and set a $35.00 target price for the company in a research report on Monday, September 10th. Finally, Zacks Investment Research upgraded CubeSmart from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Wednesday, July 4th. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. CubeSmart currently has an average rating of “Buy” and a consensus target price of $33.00.
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 2018 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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