Clinton Group Inc. Purchases 53,738 Shares of CubeSmart (CUBE)
Clinton Group Inc. boosted its position in CubeSmart (NYSE:CUBE) by 94.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 110,715 shares of the real estate investment trust’s stock after purchasing an additional 53,738 shares during the quarter. Clinton Group Inc. owned about 0.06% of CubeSmart worth $2,662,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Tudor Investment Corp ET AL grew its holdings in CubeSmart by 206.7% in the 2nd quarter. Tudor Investment Corp ET AL now owns 48,318 shares of the real estate investment trust’s stock worth $1,162,000 after buying an additional 32,562 shares in the last quarter. Balyasny Asset Management LLC raised its stake in CubeSmart by 158.7% during the 2nd quarter. Balyasny Asset Management LLC now owns 1,710,918 shares of the real estate investment trust’s stock valued at $41,130,000 after acquiring an additional 1,049,679 shares in the last quarter. Numeric Investors LLC bought a new stake in CubeSmart during the 2nd quarter valued at $1,231,000. Veritable L.P. raised its stake in CubeSmart by 17.8% during the 2nd quarter. Veritable L.P. now owns 19,120 shares of the real estate investment trust’s stock valued at $460,000 after acquiring an additional 2,883 shares in the last quarter. Finally, OxFORD Asset Management LLP raised its stake in CubeSmart by 82.3% during the 2nd quarter. OxFORD Asset Management LLP now owns 179,500 shares of the real estate investment trust’s stock valued at $4,315,000 after acquiring an additional 81,032 shares in the last quarter.
A number of research analysts have issued reports on the company. Jefferies Group LLC set a $30.00 price target on CubeSmart and gave the stock a “buy” rating in a research report on Friday, August 18th. KeyCorp reissued a “hold” rating on shares of CubeSmart in a research note on Friday, August 25th. BidaskClub raised CubeSmart from a “sell” rating to a “hold” rating in a report on Saturday, September 16th. Raymond James Financial, Inc. lowered CubeSmart from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 30th. Finally, UBS AG cut shares of CubeSmart from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $28.25.
Shares of CubeSmart (CUBE) traded up 0.27% during trading on Monday, hitting $26.03. The stock had a trading volume of 247,928 shares. CubeSmart has a 52 week low of $22.83 and a 52 week high of $28.28. The stock’s 50 day moving average is $24.92 and its 200 day moving average is $25.16. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of 44.96 and a beta of 0.19.
CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The firm had revenue of $138.60 million during the quarter, compared to analysts’ expectations of $138.07 million. During the same quarter in the previous year, the company posted $0.36 EPS. CubeSmart’s revenue was up 9.6% on a year-over-year basis. On average, equities research analysts expect that CubeSmart will post $0.69 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a $0.27 dividend. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.08 dividend on an annualized basis and a yield of 4.16%. CubeSmart’s payout ratio is 186.21%.
CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.
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