CubeSmart (NYSE:CUBE) Declares $0.51 Quarterly Dividend

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Tuesday, July 23rd, Zacks reports. Investors of record on Tuesday, October 1st will be paid a dividend of 0.51 per share by the real estate investment trust on Tuesday, October 15th. This represents a $2.04 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend is Tuesday, October 1st.

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 payout ratio of 113.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect CubeSmart to earn $2.72 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 75.0%.

CubeSmart Stock Performance

NYSE:CUBE opened at $47.10 on Thursday. The company has a market cap of $10.60 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 8.39 and a beta of 0.80. CubeSmart has a 1 year low of $33.17 and a 1 year high of $49.58. The stock’s 50 day simple moving average is $44.48 and its two-hundred day simple moving average is $43.97. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart (NYSE:CUBE) last posted its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). The business had revenue of $261.41 million during the quarter, compared to analysts’ expectations of $253.91 million. CubeSmart had a net margin of 38.64% and a return on equity of 14.48%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the business posted $0.65 earnings per share. As a group, equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Raymond James lifted their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday. Wells Fargo & Company lifted their price target on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, April 5th. BMO Capital Markets downgraded CubeSmart from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. Evercore ISI lifted their target price on CubeSmart from $44.00 to $45.00 and gave the stock an “in-line” rating in a report on Monday, July 15th. Finally, Barclays started coverage on CubeSmart in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $48.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $46.18.

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.