CubeSmart Plans Quarterly Dividend of $0.52 (NYSE:CUBE)

CubeSmart (NYSE:CUBE) announced a quarterly dividend on Tuesday, February 25th, RTT News reports. Stockholders of record on Tuesday, April 1st will be paid a dividend of 0.52 per share by the real estate investment trust on Tuesday, April 15th. This represents a $2.08 annualized dividend and a dividend yield of 4.81%.

CubeSmart has raised its dividend payment by an average of 11.8% annually over the last three years and has raised its dividend annually for the last 15 consecutive years. CubeSmart has a payout ratio of 116.9% 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 $2.69 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 77.3%.

CubeSmart Trading Up 2.7 %

CUBE stock traded up $1.13 during midday trading on Tuesday, reaching $43.26. 2,011,160 shares of the company traded hands, compared to its average volume of 1,511,407. The firm has a market capitalization of $9.78 billion, a price-to-earnings ratio of 24.44, a P/E/G ratio of 11.58 and a beta of 0.87. The business has a 50 day moving average of $41.93 and a 200-day moving average of $47.19. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20.

Analyst Upgrades and Downgrades

CUBE has been the subject of several analyst reports. Truist Financial upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and lowered their target price for the stock from $50.00 to $47.00 in a report on Friday, January 17th. Barclays cut their price target on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Royal Bank of Canada lowered their target price on CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Wells Fargo & Company decreased their price target on shares of CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of CubeSmart from a “sell” rating to a “hold” rating and reduced their price objective for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, CubeSmart presently has an average rating of “Hold” and a consensus price target of $49.18.

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.