M&T Bank Corp Sells 658 Shares of CubeSmart (NYSE:CUBE)

M&T Bank Corp lessened its stake in CubeSmart (NYSE:CUBE) by 2.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,043 shares of the real estate investment trust’s stock after selling 658 shares during the quarter. M&T Bank Corp’s holdings in CubeSmart were worth $1,456,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of CUBE. Quarry LP raised its stake in shares of CubeSmart by 19.8% in the third quarter. Quarry LP now owns 1,371 shares of the real estate investment trust’s stock valued at $74,000 after buying an additional 227 shares during the period. CIBC Asset Management Inc increased its holdings in CubeSmart by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,642 shares of the real estate investment trust’s stock worth $358,000 after acquiring an additional 233 shares during the last quarter. HighTower Advisors LLC raised its stake in CubeSmart by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 32,614 shares of the real estate investment trust’s stock valued at $1,758,000 after acquiring an additional 243 shares during the period. Mirador Capital Partners LP raised its stake in CubeSmart by 1.6% in the 3rd quarter. Mirador Capital Partners LP now owns 15,875 shares of the real estate investment trust’s stock valued at $855,000 after acquiring an additional 248 shares during the period. Finally, Captrust Financial Advisors lifted its holdings in CubeSmart by 4.5% during the third quarter. Captrust Financial Advisors now owns 5,734 shares of the real estate investment trust’s stock valued at $309,000 after purchasing an additional 248 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

CubeSmart Price Performance

NYSE:CUBE opened at $46.27 on Monday. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The stock has a fifty day moving average of $48.67 and a 200 day moving average of $48.46. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The firm has a market capitalization of $10.46 billion, a price-to-earnings ratio of 26.14, a P/E/G ratio of 13.00 and a beta of 0.84.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). The business had revenue of $270.90 million for the quarter, compared to the consensus estimate of $267.49 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.68 EPS. On average, research analysts expect that CubeSmart will post 2.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CUBE has been the subject of several recent research reports. Evercore ISI lifted their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Scotiabank reduced their price objective on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. UBS Group downgraded CubeSmart from a “buy” rating to a “neutral” rating and increased their target price for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Jefferies Financial Group lifted their price target on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Barclays decreased their price objective on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $51.36.

CubeSmart Company Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.