CubeSmart (NYSE:CUBE – Get Free Report) 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.
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.
Read Our Latest Research Report on CUBE
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.
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