M&T Bank Corp cut its position in CubeSmart (NYSE:CUBE) by 31.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 21,418 shares of the real estate investment trust’s stock after selling 9,839 shares during the period. M&T Bank Corp’s holdings in CubeSmart were worth $556,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Pinnacle Associates Ltd. boosted its position in shares of CubeSmart by 12.5% in the first quarter. Pinnacle Associates Ltd. now owns 20,220 shares of the real estate investment trust’s stock worth $525,000 after buying an additional 2,250 shares in the last quarter. Delta Lloyd NV acquired a new stake in CubeSmart during the first quarter worth $1,365,000. Pacer Advisors Inc. boosted its stake in CubeSmart by 17.0% in the first quarter. Pacer Advisors Inc. now owns 29,699 shares of the real estate investment trust’s stock worth $771,000 after buying an additional 4,317 shares during the period. Envestnet Asset Management Inc. boosted its stake in CubeSmart by 12.0% in the first quarter. Envestnet Asset Management Inc. now owns 52,214 shares of the real estate investment trust’s stock worth $1,354,000 after buying an additional 5,593 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in CubeSmart by 42.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 12,541 shares of the real estate investment trust’s stock worth $326,000 after buying an additional 3,710 shares during the period. 99.91% of the stock is currently owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

CubeSmart (NYSE CUBE) traded down 0.50% during trading on Friday, reaching $23.95. 158,119 shares of the company’s stock traded hands. The firm’s 50 day moving average is $25.26 and its 200 day moving average is $25.90. CubeSmart has a 12 month low of $23.65 and a 12 month high of $32.13. The company has a market cap of $4.32 billion, a P/E ratio of 47.33 and a beta of 0.27.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, April 27th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. CubeSmart had a net margin of 19.93% and a return on equity of 5.84%. The company had revenue of $133 million during the quarter, compared to the consensus estimate of $133.30 million. During the same quarter in the prior year, the firm earned $0.32 earnings per share. The firm’s revenue was up 11.9% compared to the same quarter last year. Analysts anticipate that CubeSmart will post $0.67 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Monday, July 3rd will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 4.49%. The ex-dividend date is Thursday, June 29th. CubeSmart’s dividend payout ratio is 207.70%.

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A number of equities research analysts have recently weighed in on the company. BMO Capital Markets reaffirmed a “buy” rating and set a $29.00 price target on shares of CubeSmart in a report on Friday, February 17th. Cantor Fitzgerald cut their price target on CubeSmart from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Monday, May 22nd. Citigroup Inc reaffirmed a “neutral” rating and set a $27.00 price target (down previously from $29.00) on shares of CubeSmart in a report on Thursday, May 11th. Zacks Investment Research raised CubeSmart from a “sell” rating to a “hold” rating in a report on Thursday, April 27th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $31.00 price target on shares of CubeSmart in a report on Tuesday, April 18th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. CubeSmart currently has an average rating of “Hold” and a consensus target price of $30.40.

About CubeSmart

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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