M&T Bank Corp decreased its position in shares of CubeSmart (NYSE:CUBE) by 58.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,964 shares of the real estate investment trust’s stock after selling 12,454 shares during the quarter. M&T Bank Corp’s holdings in CubeSmart were worth $216,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CUBE. BlackRock Inc. raised its position in CubeSmart by 5.4% during the second quarter. BlackRock Inc. now owns 12,780,418 shares of the real estate investment trust’s stock valued at $307,242,000 after acquiring an additional 650,691 shares in the last quarter. Bank of New York Mellon Corp raised its position in CubeSmart by 12.9% during the second quarter. Bank of New York Mellon Corp now owns 11,672,676 shares of the real estate investment trust’s stock valued at $280,612,000 after acquiring an additional 1,335,665 shares in the last quarter. Lasalle Investment Management Securities LLC raised its position in CubeSmart by 5.9% during the second quarter. Lasalle Investment Management Securities LLC now owns 10,264,646 shares of the real estate investment trust’s stock valued at $246,762,000 after acquiring an additional 569,240 shares in the last quarter. State Street Corp raised its position in CubeSmart by 1.9% during the first quarter. State Street Corp now owns 5,583,913 shares of the real estate investment trust’s stock valued at $144,956,000 after acquiring an additional 101,843 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in CubeSmart by 36.0% during the second quarter. Diamond Hill Capital Management Inc. now owns 3,702,262 shares of the real estate investment trust’s stock valued at $89,002,000 after acquiring an additional 980,490 shares in the last quarter.

CUBE has been the subject of several recent research reports. Jefferies Group LLC set a $30.00 price target on CubeSmart and gave the company a “buy” rating in a research report on Friday, August 18th. KeyCorp reiterated a “hold” rating on shares of CubeSmart in a research report on Friday, August 25th. BidaskClub upgraded CubeSmart from a “sell” rating to a “hold” rating in a research report on Saturday, September 16th. Raymond James Financial, Inc. cut CubeSmart from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 30th. Finally, UBS AG cut CubeSmart from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 30th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $28.29.

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CubeSmart (NYSE:CUBE) opened at 26.42 on Monday. The stock has a market capitalization of $4.76 billion, a PE ratio of 45.63 and a beta of 0.19. CubeSmart has a 12 month low of $22.83 and a 12 month high of $28.06. The company’s 50-day moving average price is $25.85 and its 200 day moving average price is $25.12.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. The business had revenue of $138.60 million during the quarter, compared to the consensus estimate of $138.07 million. CubeSmart had a return on equity of 6.65% and a net margin of 20.36%. The business’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 earnings per share. On average, analysts forecast that CubeSmart will post $0.69 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Monday, October 2nd will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date is Friday, September 29th. CubeSmart’s dividend payout ratio is currently 186.21%.

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.

Institutional Ownership by Quarter for CubeSmart (NYSE:CUBE)

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