M&T Bank Corp Makes New Investment in CubeSmart $CUBE

M&T Bank Corp purchased a new position in CubeSmart (NYSE:CUBE) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 42,198 shares of the real estate investment trust’s stock, valued at approximately $1,521,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wiser Advisor Group LLC bought a new stake in CubeSmart in the third quarter worth about $28,000. Private Trust Co. NA raised its position in CubeSmart by 209.6% in the third quarter. Private Trust Co. NA now owns 706 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 478 shares in the last quarter. Geneos Wealth Management Inc. raised its position in CubeSmart by 174.8% in the second quarter. Geneos Wealth Management Inc. now owns 893 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 568 shares in the last quarter. Huntington National Bank raised its position in CubeSmart by 43.3% in the third quarter. Huntington National Bank now owns 977 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 295 shares in the last quarter. Finally, SJS Investment Consulting Inc. bought a new stake in CubeSmart in the third quarter worth about $42,000. 97.61% of the stock is currently owned by institutional investors.

CubeSmart Stock Performance

Shares of CubeSmart stock opened at $39.68 on Thursday. The stock has a market cap of $9.05 billion, a PE ratio of 27.36, a price-to-earnings-growth ratio of 6.18 and a beta of 1.13. CubeSmart has a 12 month low of $35.09 and a 12 month high of $44.13. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.24. The business has a fifty day simple moving average of $38.80 and a 200-day simple moving average of $38.15.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend was Wednesday, April 1st. CubeSmart’s payout ratio is 146.21%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Wall Street Zen cut shares of CubeSmart from a “hold” rating to a “sell” rating in a research report on Sunday, March 1st. Barclays boosted their price objective on CubeSmart from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, March 5th. Wells Fargo & Company decreased their target price on shares of CubeSmart from $40.00 to $39.00 and set an “equal weight” rating for the company in a report on Thursday, April 16th. BNP Paribas Exane raised shares of CubeSmart from a “neutral” rating to an “outperform” rating and set a $43.00 target price on the stock in a research report on Wednesday, March 18th. Finally, Royal Bank Of Canada boosted their price target on shares of CubeSmart from $43.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Six investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and a consensus target price of $43.57.

Insiders Place Their Bets

In other news, insider Jeffrey P. Foster sold 23,148 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $41.02, for a total value of $949,530.96. Following the transaction, the insider owned 205,057 shares in the company, valued at $8,411,438.14. This represents a 10.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.76% of the stock is currently owned by company insiders.

CubeSmart Company Profile

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.