Guggenheim Capital LLC Increases Stock Position in CubeSmart (NYSE:CUBE)

28 Nov 2023, 14:49 by Kim Johansen · The Markets Daily

Guggenheim Capital LLC grew its stake in CubeSmart (NYSE:CUBE – Free Report) by 7.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,439 shares of the real estate investment trust’s stock after buying an additional 6,770 shares during the period. Guggenheim Capital LLC’s holdings in CubeSmart were worth $4,441,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CUBE. SouthState Corp bought a new position in shares of CubeSmart during the 1st quarter valued at about $25,000. Parallel Advisors LLC grew its position in CubeSmart by 88.9% during the second quarter. Parallel Advisors LLC now owns 593 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 279 shares during the last quarter. Heritage Wealth Advisors raised its stake in shares of CubeSmart by 286.0% during the first quarter. Heritage Wealth Advisors now owns 772 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 572 shares in the last quarter. Ellevest Inc. lifted its holdings in shares of CubeSmart by 89.8% in the 1st quarter. Ellevest Inc. now owns 877 shares of the real estate investment trust’s stock worth $41,000 after acquiring an additional 415 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in shares of CubeSmart in the 1st quarter worth approximately $46,000. Institutional investors own 96.66% of the company’s stock.

Wall Street Analysts Forecast Growth

CUBE has been the topic of a number of analyst reports. Stifel Nicolaus reiterated a “buy” rating and issued a $50.00 target price on shares of CubeSmart in a research report on Wednesday, September 13th. Raymond James decreased their price objective on CubeSmart from $50.00 to $45.00 and set an “outperform” rating on the stock in a report on Tuesday, October 24th. Bank of America cut CubeSmart from a “buy” rating to a “neutral” rating and dropped their target price for the company from $51.00 to $38.00 in a report on Monday, October 30th. StockNews.com began coverage on CubeSmart in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Citigroup lowered their price objective on CubeSmart from $47.00 to $45.00 and set a “neutral” rating for the company in a research report on Thursday, August 24th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $44.90.

View Our Latest Report on CubeSmart

CubeSmart Trading Up 0.4 %

NYSE CUBE opened at $38.75 on Tuesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.04 and a current ratio of 0.04. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $48.93. The stock has a market cap of $8.71 billion, a P/E ratio of 23.20, a price-to-earnings-growth ratio of 2.67 and a beta of 0.64. The stock has a 50 day simple moving average of $37.27 and a two-hundred day simple moving average of $41.32.

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.

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