CubeSmart (NYSE:CUBE) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Thursday, October 1st will be given a dividend of 0.33 per share by the real estate investment trust on Thursday, October 15th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend is Wednesday, September 30th.
CubeSmart has raised its dividend by an average of 43.3% per year over the last three years and has raised its dividend annually for the last 8 consecutive years. CubeSmart has a dividend payout ratio of 169.2% 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 research analysts expect CubeSmart to earn $1.60 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 82.5%.
Shares of NYSE:CUBE traded up $0.13 during midday trading on Friday, reaching $29.40. The company’s stock had a trading volume of 30,806 shares, compared to its average volume of 918,291. The firm has a market capitalization of $5.67 billion, a PE ratio of 32.52, a P/E/G ratio of 11.53 and a beta of 0.28. CubeSmart has a twelve month low of $19.61 and a twelve month high of $36.32. The stock has a fifty day moving average of $27.72 and a 200 day moving average of $28.15. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 1.08.
CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, May 7th. The real estate investment trust reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.20). The firm had revenue of $164.08 million for the quarter, compared to analyst estimates of $162.56 million. CubeSmart had a net margin of 26.18% and a return on equity of 9.53%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 EPS. Sell-side analysts anticipate that CubeSmart will post 1.6 earnings per share for the current fiscal year.
Several analysts recently commented on CUBE shares. Citigroup dropped their price target on shares of CubeSmart from $31.00 to $27.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Wells Fargo & Co dropped their price target on shares of CubeSmart from $28.00 to $25.00 and set an “underweight” rating on the stock in a research report on Thursday, April 2nd. TheStreet lowered shares of CubeSmart from a “b-” rating to a “c+” rating in a research report on Wednesday, April 8th. Zacks Investment Research lowered shares of CubeSmart from a “hold” rating to a “sell” rating in a research report on Tuesday, July 21st. Finally, SunTrust Banks dropped their target price on shares of CubeSmart from $34.00 to $31.00 and set a “hold” rating on the stock in a research report on Friday, April 17th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $29.44.
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 secure storage space for residential and commercial customers. According to the 2019 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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