CubeSmart Announces Quarterly Dividend of $0.51 (NYSE:CUBE)

CubeSmart (NYSE:CUBEGet Free Report) declared a quarterly dividend on Monday, March 18th, Wall Street Journal reports. Shareholders of record on Monday, April 1st will be paid a dividend of 0.51 per share by the real estate investment trust on Monday, April 15th. This represents a $2.04 dividend on an annualized basis and a yield of 4.74%. The ex-dividend date is Thursday, March 28th.

CubeSmart has increased its dividend payment by an average of 14.2% per year over the last three years and has increased its dividend every year for the last 14 years. CubeSmart has a dividend payout ratio of 112.7% 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 $2.77 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 73.6%.

CubeSmart Trading Down 1.7 %

NYSE CUBE opened at $43.07 on Tuesday. CubeSmart has a 12 month low of $33.17 and a 12 month high of $48.93. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The stock’s fifty day moving average price is $44.00 and its 200-day moving average price is $41.55. The stock has a market cap of $9.69 billion, a P/E ratio of 23.80 and a beta of 0.69.

Wall Street Analyst Weigh In

CUBE has been the subject of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of CubeSmart from $37.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 12th. Truist Financial increased their target price on CubeSmart from $43.00 to $46.00 and gave the company a “hold” rating in a research note on Thursday, December 28th. BMO Capital Markets upgraded CubeSmart from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $46.00 to $49.00 in a research note on Friday, December 15th. Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a research report on Tuesday, January 30th. They set a “sell” rating and a $40.00 price objective on the stock. Finally, Jefferies Financial Group upgraded shares of CubeSmart from a “hold” rating to a “buy” rating and upped their target price for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average target price of $45.55.

Read Our Latest Research Report on CUBE

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. lifted its holdings in CubeSmart by 461.1% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 20,244 shares of the real estate investment trust’s stock worth $1,053,000 after purchasing an additional 16,636 shares in the last quarter. MetLife Investment Management LLC purchased a new position in shares of CubeSmart in the first quarter worth $227,000. Great West Life Assurance Co. Can boosted its position in shares of CubeSmart by 6.1% during the first quarter. Great West Life Assurance Co. Can now owns 191,579 shares of the real estate investment trust’s stock worth $10,354,000 after acquiring an additional 10,933 shares during the last quarter. Yousif Capital Management LLC grew its stake in CubeSmart by 7.3% during the first quarter. Yousif Capital Management LLC now owns 11,869 shares of the real estate investment trust’s stock valued at $618,000 after acquiring an additional 810 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its holdings in CubeSmart by 63.5% in the 1st quarter. Allianz Asset Management GmbH now owns 536,244 shares of the real estate investment trust’s stock valued at $27,901,000 after acquiring an additional 208,256 shares during the last quarter. Institutional investors own 97.61% of the company’s stock.

CubeSmart Company Profile

(Get Free Report)

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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Dividend History for CubeSmart (NYSE:CUBE)

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