CubeSmart (CUBE) To Go Ex-Dividend on July 1st

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 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date of this dividend is Monday, July 1st.

CubeSmart has increased its dividend payment by an average of 14.2% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. CubeSmart has a dividend payout ratio of 113.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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 Stock Up 0.8 %

CUBE stock opened at $45.17 on Friday. CubeSmart has a 12-month low of $33.17 and a 12-month high of $47.81. 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 $10.16 billion, a price-to-earnings ratio of 25.09, a PEG ratio of 5.45 and a beta of 0.77. The company has a 50 day moving average of $42.90 and a two-hundred day moving average of $43.92.

CubeSmart (NYSE:CUBE) last released its earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.22). The company had revenue of $261.41 million during the quarter, compared to analysts’ expectations of $253.91 million. CubeSmart had a return on equity of 14.48% and a net margin of 38.64%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 EPS. On average, equities analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of recent research reports. Evercore ISI raised their price target on shares of CubeSmart from $43.00 to $45.00 and gave the company an “in-line” rating in a report on Monday, March 4th. Wells Fargo & Company raised their price target on shares of CubeSmart from $42.00 to $46.00 and gave the company an “equal weight” rating in a report on Friday, April 5th. Raymond James restated an “outperform” rating and set a $48.00 price target on shares of CubeSmart in a report on Thursday, March 28th. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. Finally, Barclays assumed coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $48.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $46.00.

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.