Wellington Management Group LLP Sells 119,874 Shares of CubeSmart (NYSE:CUBE)

Wellington Management Group LLP lowered its position in CubeSmart (NYSE:CUBE - Free Report) by 12.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 809,833 shares of the real estate investment trust's stock after selling 119,874 shares during the quarter. Wellington Management Group LLP owned approximately 0.36% of CubeSmart worth $34,701,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CUBE. Norges Bank acquired a new stake in CubeSmart in the fourth quarter valued at $408,064,000. Capital World Investors lifted its stake in shares of CubeSmart by 184.5% during the 4th quarter. Capital World Investors now owns 2,944,248 shares of the real estate investment trust's stock worth $126,161,000 after buying an additional 1,909,496 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of CubeSmart by 219.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,574,641 shares of the real estate investment trust's stock worth $110,323,000 after buying an additional 1,768,626 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of CubeSmart by 27.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,727,155 shares of the real estate investment trust's stock worth $288,259,000 after buying an additional 1,464,331 shares during the last quarter. Finally, Northern Trust Corp increased its position in CubeSmart by 46.6% during the fourth quarter. Northern Trust Corp now owns 3,758,863 shares of the real estate investment trust's stock worth $161,067,000 after acquiring an additional 1,195,246 shares during the period. Institutional investors and hedge funds own 97.61% of the company's stock.

CubeSmart Trading Up 0.6%

Shares of NYSE:CUBE traded up $0.24 during trading on Wednesday, reaching $42.84. The stock had a trading volume of 576,812 shares, compared to its average volume of 1,502,846. The firm's fifty day moving average is $40.77 and its 200 day moving average is $42.46. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. CubeSmart has a 52 week low of $34.24 and a 52 week high of $55.14. The stock has a market cap of $9.77 billion, a price-to-earnings ratio of 24.20, a P/E/G ratio of 11.58 and a beta of 0.98.

CubeSmart (NYSE:CUBE - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The company had revenue of $273.04 million for the quarter, compared to analyst estimates of $268.16 million. During the same period in the prior year, the firm posted $0.64 EPS. The company's quarterly revenue was up 4.4% on a year-over-year basis. As a group, equities analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, July 1st. This represents a $2.08 annualized dividend and a yield of 4.86%. CubeSmart's payout ratio is 123.08%.

Analysts Set New Price Targets

Several research firms have commented on CUBE. KeyCorp raised shares of CubeSmart from a "sector weight" rating to an "overweight" rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Truist Financial raised their target price on shares of CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a report on Monday, May 19th. Evercore ISI raised their target price on shares of CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and raised their target price for the company from $44.00 to $50.00 in a report on Tuesday, May 13th. Finally, Mizuho raised their target price on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $47.36.

About CubeSmart

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.