CubeSmart (NYSE:CUBE) Declares Dividend Increase – $0.52 Per Share

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Shareholders of record on Thursday, January 2nd will be given a dividend of 0.52 per share by the real estate investment trust on Thursday, January 16th. This represents a $2.08 annualized dividend and a yield of 4.57%. The ex-dividend date of this dividend is Thursday, January 2nd. This is a positive change from CubeSmart’s previous quarterly dividend of $0.51.

CubeSmart has raised its dividend payment by an average of 14.2% per year over the last three years and has raised its dividend every year for the last 14 years. CubeSmart has a dividend payout ratio of 115.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect CubeSmart to earn $2.70 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 75.6%.

CubeSmart Trading Down 0.8 %

CUBE traded down $0.35 during trading hours on Tuesday, reaching $45.54. The company’s stock had a trading volume of 1,091,870 shares, compared to its average volume of 1,346,906. The business’s 50-day moving average is $48.58 and its 200-day moving average is $48.49. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market cap of $10.30 billion, a PE ratio of 25.73, a P/E/G ratio of 13.00 and a beta of 0.84. CubeSmart has a fifty-two week low of $39.80 and a fifty-two week high of $55.14.

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

Analyst Ratings Changes

A number of research firms have issued reports on CUBE. Evercore ISI increased their target price on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Barclays decreased their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Jefferies Financial Group upped their price target on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Wells Fargo & Company lifted their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, Scotiabank cut their target price on shares of CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.