CubeSmart (NYSE:CUBE) to Issue Quarterly Dividend of $0.51

CubeSmart (NYSE:CUBE) announced a quarterly dividend on Tuesday, May 21st, Wall Street Journal reports. Shareholders of record on Monday, July 1st will be given a dividend of 0.51 per share by the real estate investment trust on Monday, July 15th. This represents a $2.04 annualized dividend and a yield of 4.73%. The ex-dividend date is Monday, July 1st.

CubeSmart has increased its dividend payment by an average of 14.2% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. CubeSmart has a dividend 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. Analysts expect CubeSmart to earn $2.74 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 74.5%.

CubeSmart Trading Down 0.6 %

CubeSmart stock opened at $43.16 on Thursday. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a market cap of $9.71 billion, a P/E ratio of 23.98, a P/E/G ratio of 5.28 and a beta of 0.72. CubeSmart has a 52-week low of $33.17 and a 52-week high of $47.81. The business has a 50-day simple moving average of $43.11 and a two-hundred day simple moving average of $43.14.

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

Analysts Set New Price Targets

Several equities research analysts have commented on CUBE shares. Barclays began coverage on CubeSmart in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 price objective on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of CubeSmart in a research report on Tuesday, January 30th. They issued a “sell” rating and a $40.00 target price on the stock. Raymond James restated an “outperform” rating and set a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. Wells Fargo & Company upped their price objective on CubeSmart from $42.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Friday, April 5th. Finally, Evercore ISI increased their price objective on shares of CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $46.33.

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.