M&T Bank Corp Makes New $1.52 Million Investment in CubeSmart $CUBE

M&T Bank Corp acquired a new position in CubeSmart (NYSE:CUBE - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 42,198 shares of the real estate investment trust's stock, valued at approximately $1,521,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in shares of CubeSmart by 1.7% during the third quarter. JPMorgan Chase & Co. now owns 5,340,869 shares of the real estate investment trust's stock valued at $217,162,000 after acquiring an additional 91,694 shares during the period. Alyeska Investment Group L.P. boosted its holdings in shares of CubeSmart by 36.4% during the third quarter. Alyeska Investment Group L.P. now owns 4,283,952 shares of the real estate investment trust's stock valued at $174,185,000 after acquiring an additional 1,143,464 shares during the period. Cbre Investment Management Listed Real Assets LLC boosted its holdings in shares of CubeSmart by 37.3% during the third quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,364,619 shares of the real estate investment trust's stock valued at $136,805,000 after acquiring an additional 914,884 shares during the period. Duff & Phelps Investment Management Co. boosted its holdings in shares of CubeSmart by 5.4% during the third quarter. Duff & Phelps Investment Management Co. now owns 2,339,974 shares of the real estate investment trust's stock valued at $95,143,000 after acquiring an additional 120,450 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its holdings in shares of CubeSmart by 4.4% during the third quarter. Diamond Hill Capital Management Inc. now owns 1,813,777 shares of the real estate investment trust's stock valued at $73,748,000 after acquiring an additional 75,855 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Price Performance

Shares of NYSE CUBE opened at $39.68 on Thursday. CubeSmart has a fifty-two week low of $35.09 and a fifty-two week high of $44.13. The firm's 50-day simple moving average is $38.80 and its 200 day simple moving average is $38.15. 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 stock has a market cap of $9.05 billion, a P/E ratio of 27.36, a P/E/G ratio of 6.18 and a beta of 1.13.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date was Wednesday, April 1st. CubeSmart's payout ratio is currently 146.21%.

Insider Buying and Selling at CubeSmart

In related news, insider Jeffrey P. Foster sold 23,148 shares of CubeSmart stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $41.02, for a total transaction of $949,530.96. Following the sale, the insider directly owned 205,057 shares in the company, valued at $8,411,438.14. The trade was a 10.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.76% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CUBE has been the subject of several analyst reports. 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. Barclays boosted their price target on shares of CubeSmart from $43.00 to $45.00 and gave the company an "equal weight" rating in a report on Thursday, March 5th. Scotiabank raised shares of CubeSmart to a "hold" rating in a report on Thursday, March 19th. Wall Street Zen downgraded shares of CubeSmart from a "hold" rating to a "sell" rating in a report on Sunday, March 1st. Finally, Wolfe Research downgraded shares of CubeSmart from an "outperform" rating to a "peer perform" rating in a report on Monday, January 26th. Six analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $43.57.

CubeSmart 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.

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