Sun Sep 15 11:08:48 UTC 2024: ## CubeSmart (CUBE) Sees Increased Institutional Interest: Hedge Funds Boost Holdings
**New York, NY – September 15, 2024** – CubeSmart (NYSE: CUBE), a leading self-storage REIT, has seen a surge in institutional investment, with several hedge funds increasing their positions in the company’s stock.
Wedbush Securities Inc. led the way, boosting its stake in CubeSmart by 8.6% during the second quarter, acquiring an additional 571 shares, bringing its total holdings to 7,200 shares valued at $325,000.
This trend continued into the fourth quarter, with BNP Paribas Financial Markets dramatically increasing its holdings by 171.9% after purchasing 82,794 shares. The firm now owns 130,955 shares valued at $6,070,000.
Other notable investors include QRG Capital Management Inc., which increased its holdings by 9.8% in the fourth quarter, and Dimensional Fund Advisors LP, which boosted its stake by 0.7%. Envestnet Portfolio Solutions Inc. and Panagora Asset Management Inc. also added to their positions, increasing their holdings by 6.3% and 233.4%, respectively.
Institutional investors and hedge funds now control 97.61% of CubeSmart’s outstanding shares, demonstrating strong confidence in the company’s future prospects.
CubeSmart’s stock opened at $54.00 on Friday, with a market cap of $12.16 billion. The company recently announced a quarterly dividend of $0.51 per share, payable on October 15th, representing a 3.78% dividend yield.
Analysts remain optimistic about CubeSmart, with Royal Bank of Canada issuing an “outperform” rating and a $56.00 price target. However, some firms, like BMO Capital Markets and UBS Group, have downgraded their ratings, citing concerns about the market.
Despite mixed opinions, the continued influx of institutional investment underscores the growing interest in the self-storage sector and CubeSmart’s position as a leading player in the industry.
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