CubeSmart (NYSE:CUBE) Declares $0.51 Quarterly Dividend

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Tuesday, July 23rd, Zacks reports. Shareholders of record on Tuesday, October 1st will be given 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 3.83%. The ex-dividend date 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 increased its dividend annually for the last 14 consecutive years. CubeSmart has a dividend payout ratio of 114.6% 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 $2.73 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 74.7%.

CubeSmart Stock Up 0.4 %

Shares of NYSE CUBE opened at $53.23 on Monday. CubeSmart has a 52-week low of $33.17 and a 52-week high of $55.14. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The company’s 50-day simple moving average is $50.63 and its 200-day simple moving average is $46.12. The firm has a market cap of $11.99 billion, a price-to-earnings ratio of 29.57, a price-to-earnings-growth ratio of 9.73 and a beta of 0.82.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The firm had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Equities analysts predict that CubeSmart will post 2.64 EPS for the current fiscal year.

Analysts Set New Price Targets

CUBE has been the subject of several recent research reports. Jefferies Financial Group increased their price objective on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Company increased their target price on shares of CubeSmart from $46.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Evercore ISI boosted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Truist Financial upped their price objective on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, Raymond James raised their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, CubeSmart presently has a consensus rating of “Hold” and a consensus price target of $50.50.

Insider Transactions at CubeSmart

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, COO Joel D. Keaton sold 43,478 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock worth $4,244,344 in the last 90 days. Insiders own 1.68% of the company’s stock.

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.