CubeSmart (NYSE:CUBE) to Issue $0.43 Quarterly Dividend

CubeSmart (NYSE:CUBEGet Rating) announced a quarterly dividend on Tuesday, May 17th, Zacks reports. Investors of record on Friday, July 1st will be paid a dividend of 0.43 per share by the real estate investment trust on Friday, July 15th. This represents a $1.72 annualized dividend and a yield of 4.19%. The ex-dividend date is Thursday, June 30th.

CubeSmart has raised its dividend payment by an average of 5.9% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. CubeSmart has a payout ratio of 133.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect CubeSmart to earn $2.65 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 64.9%.

CUBE stock opened at $41.07 on Thursday. CubeSmart has a 52 week low of $40.67 and a 52 week high of $57.34. The firm has a market capitalization of $9.22 billion, a P/E ratio of 39.11, a price-to-earnings-growth ratio of 2.38 and a beta of 0.49. The company has a fifty day simple moving average of $49.91 and a two-hundred day simple moving average of $51.71. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 1.09.

CubeSmart (NYSE:CUBEGet Rating) last announced its earnings results on Thursday, April 28th. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.40). The business had revenue of $238.57 million for the quarter, compared to analysts’ expectations of $240.13 million. CubeSmart had a net margin of 26.65% and a return on equity of 10.78%. The firm’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.47 earnings per share. As a group, analysts anticipate that CubeSmart will post 2.43 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP raised its holdings in shares of CubeSmart by 2.7% in the first quarter. Quantbot Technologies LP now owns 20,710 shares of the real estate investment trust’s stock valued at $1,077,000 after acquiring an additional 546 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of CubeSmart by 59.1% during the first quarter. Geneos Wealth Management Inc. now owns 1,591 shares of the real estate investment trust’s stock valued at $82,000 after purchasing an additional 591 shares in the last quarter. Yousif Capital Management LLC raised its stake in CubeSmart by 7.3% in the first quarter. Yousif Capital Management LLC now owns 11,869 shares of the real estate investment trust’s stock worth $618,000 after buying an additional 810 shares in the last quarter. LPL Financial LLC lifted its holdings in CubeSmart by 2.2% during the fourth quarter. LPL Financial LLC now owns 44,906 shares of the real estate investment trust’s stock worth $2,556,000 after buying an additional 956 shares during the period. Finally, Covestor Ltd boosted its position in CubeSmart by 781.0% during the 1st quarter. Covestor Ltd now owns 1,533 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 1,359 shares in the last quarter. Hedge funds and other institutional investors own 95.92% of the company’s stock.

Several equities analysts have recently weighed in on the company. StockNews.com raised CubeSmart from a “sell” rating to a “hold” rating in a research report on Thursday, May 5th. JPMorgan Chase & Co. increased their target price on shares of CubeSmart from $57.00 to $58.00 and gave the company a “neutral” rating in a research note on Monday, April 4th. TheStreet lowered shares of CubeSmart from a “b” rating to a “c+” rating in a report on Tuesday. Truist Financial cut their price target on shares of CubeSmart from $55.00 to $48.00 and set a “na” rating on the stock in a report on Monday. Finally, Zacks Investment Research downgraded shares of CubeSmart from a “buy” rating to a “hold” rating in a research note on Friday, March 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $51.57.

CubeSmart Company Profile (Get Rating)

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 secure storage space for residential and commercial customers. According to the 2020 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.

Further Reading

Dividend History for CubeSmart (NYSE:CUBE)

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