CubeSmart (NYSE:CUBE - Get Free Report) declared a quarterly dividend on Tuesday, July 29th, RTT News reports. Shareholders of record on Wednesday, October 1st will be given a dividend of 0.52 per share by the real estate investment trust on Wednesday, October 15th. This represents a $2.08 dividend on an annualized basis and a yield of 5.00%.
CubeSmart has a dividend payout ratio of 132.5% 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 research analysts expect CubeSmart to earn $2.69 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 77.3%.
CubeSmart Stock Performance
NYSE CUBE traded up $0.71 during trading on Tuesday, reaching $41.61. The company's stock had a trading volume of 1,729,979 shares, compared to its average volume of 1,784,747. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.07 and a current ratio of 0.07. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 24.62, a P/E/G ratio of 7.61 and a beta of 0.96. CubeSmart has a twelve month low of $34.24 and a twelve month high of $55.14. The business's fifty day moving average price is $42.36 and its 200-day moving average price is $41.60.
CubeSmart (NYSE:CUBE - Get Free Report) last issued its earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $273.04 million for the quarter, compared to the consensus estimate of $268.16 million. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The business's quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.64 earnings per share. As a group, analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.
Analyst Ratings Changes
CUBE has been the topic of several analyst reports. Evercore ISI lifted their target price on shares of CubeSmart from $44.00 to $47.00 and gave the company an "in-line" rating in a report on Friday, May 2nd. BMO Capital Markets raised shares of CubeSmart from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $48.00 to $49.00 in a report on Friday, June 20th. Bank of America raised shares of CubeSmart from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $44.00 to $50.00 in a report on Tuesday, May 13th. BNP Paribas raised shares of CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Finally, BNP Paribas Exane initiated coverage on shares of CubeSmart in a report on Tuesday, June 24th. They set a "neutral" rating and a $46.00 price objective on the stock. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $47.20.
Check Out Our Latest Stock Report on CUBE
Hedge Funds Weigh In On CubeSmart
Institutional investors have recently modified their holdings of the company. Caxton Associates LLP acquired a new position in shares of CubeSmart in the first quarter valued at approximately $270,000. Jones Financial Companies Lllp increased its position in CubeSmart by 944.3% during the first quarter. Jones Financial Companies Lllp now owns 7,091 shares of the real estate investment trust's stock worth $303,000 after purchasing an additional 6,412 shares during the last quarter. Royal Bank of Canada increased its position in CubeSmart by 1.3% during the first quarter. Royal Bank of Canada now owns 173,960 shares of the real estate investment trust's stock worth $7,429,000 after purchasing an additional 2,284 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in CubeSmart by 4.2% during the first quarter. Goldman Sachs Group Inc. now owns 484,293 shares of the real estate investment trust's stock worth $20,684,000 after purchasing an additional 19,476 shares during the last quarter. Institutional investors and hedge funds 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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