CubeSmart (CUBE) to Issue Quarterly Dividend of $0.52 on January 16th

CubeSmart (NYSE:CUBE) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Investors of record on Thursday, January 2nd will be paid a dividend of 0.52 per share by the real estate investment trust on Thursday, January 16th. This represents a $2.08 annualized dividend and a yield of 4.91%. The ex-dividend date of this dividend is Thursday, January 2nd. This is an increase from CubeSmart’s previous quarterly dividend of $0.51.

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 15 consecutive years. CubeSmart has a payout ratio of 118.2% 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 $2.70 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 77.0%.

CubeSmart Price Performance

CubeSmart stock opened at $42.34 on Tuesday. CubeSmart has a 52-week low of $39.80 and a 52-week high of $55.14. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a market capitalization of $9.58 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 13.00 and a beta of 0.84. The stock’s 50 day moving average price is $47.32 and its two-hundred day moving average price is $48.51.

CubeSmart (NYSE:CUBE) last issued its earnings results on Thursday, October 31st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.24). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $270.90 million during the quarter, compared to the consensus estimate of $267.49 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. CubeSmart’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities analysts predict that CubeSmart will post 2.63 earnings per share for the current year.

Analysts Set New Price Targets

CUBE has been the subject of a number of recent analyst reports. Scotiabank reduced their price objective on CubeSmart from $53.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, November 25th. Wells Fargo & Company increased their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. UBS Group cut CubeSmart from a “buy” rating to a “neutral” rating and raised their price target for the company from $53.00 to $54.00 in a report on Friday, September 13th. Barclays decreased their price objective on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, October 28th. Finally, Jefferies Financial Group increased their target price on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, CubeSmart has an average rating of “Hold” and a consensus target price of $51.36.

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.