CubeSmart (NYSE:CUBE) Announces Quarterly Dividend of $0.53

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Monday, December 15th. Shareholders of record on Friday, January 2nd will be given a dividend of 0.53 per share by the real estate investment trust on Friday, January 16th. This represents a c) annualized dividend and a yield of 5.8%. The ex-dividend date is Friday, January 2nd. This is a 1.9% increase from CubeSmart’s previous quarterly dividend of $0.52.

CubeSmart has increased its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 16 consecutive years. CubeSmart has a payout ratio of 132.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Price Performance

CubeSmart stock traded down $0.02 during midday trading on Monday, reaching $36.50. The company’s stock had a trading volume of 2,278,580 shares, compared to its average volume of 1,787,107. The firm has a market capitalization of $8.32 billion, a PE ratio of 23.40, a P/E/G ratio of 8.70 and a beta of 1.11. CubeSmart has a fifty-two week low of $34.24 and a fifty-two week high of $46.54. The stock’s 50 day simple moving average is $38.34 and its 200 day simple moving average is $40.26. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.47 and a current ratio of 0.47.

CubeSmart (NYSE:CUBE) last issued its earnings results on Friday, October 31st. The real estate investment trust reported $0.65 earnings per share for the quarter, hitting the consensus estimate of $0.65. CubeSmart had a net margin of 33.31% and a return on equity of 12.49%. The company had revenue of $285.08 million for the quarter, compared to analyst estimates of $282.57 million. During the same period in the prior year, the business posted $0.67 earnings per share. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wiser Advisor Group LLC purchased a new stake in shares of CubeSmart during the third quarter worth about $28,000. True Wealth Design LLC grew its stake in CubeSmart by 308.2% in the 2nd quarter. True Wealth Design LLC now owns 694 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 524 shares during the period. Private Trust Co. NA grew its stake in CubeSmart by 209.6% in the 3rd quarter. Private Trust Co. NA now owns 706 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 478 shares during the period. Geneos Wealth Management Inc. raised its holdings in CubeSmart by 174.8% in the 2nd quarter. Geneos Wealth Management Inc. now owns 893 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 568 shares during the last quarter. Finally, Huntington National Bank lifted its stake in shares of CubeSmart by 43.3% during the 3rd quarter. Huntington National Bank now owns 977 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 295 shares during the period. 97.61% of the stock is currently owned by hedge funds and other institutional investors.

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.