CubeSmart (NYSE:CUBE) to Issue $0.51 Quarterly Dividend

CubeSmart (NYSE:CUBE - Get Free Report) declared a quarterly dividend on Wednesday, May 22nd, Wall Street Journal reports. Stockholders 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 dividend yield of 4.73%. The ex-dividend date of this dividend is Monday, July 1st.

CubeSmart has increased its dividend by an average of 14.2% annually over the last three years and has raised its dividend every year for the last 14 years. CubeSmart has a dividend payout ratio of 113.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Trading Down 0.6 %

Shares of NYSE CUBE traded down $0.25 during mid-day trading on Wednesday, reaching $43.16. 1,009,518 shares of the company's stock were exchanged, compared to its average volume of 1,458,112. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of 23.98 and a beta of 0.72. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. CubeSmart has a 52-week low of $33.17 and a 52-week high of $47.81. The company's 50-day moving average is $43.11 and its 200-day moving average is $43.14.

CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Friday, April 26th. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.64 by ($0.22). The business had revenue of $261.41 million for 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 business's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.65 earnings per share. Analysts expect that CubeSmart will post 2.64 EPS for the current fiscal year.

Analyst Ratings Changes

CUBE has been the subject of a number of research analyst reports. Barclays initiated coverage on CubeSmart in a report on Wednesday, March 27th. They set an "equal weight" rating and a $48.00 target price for the company. Deutsche Bank Aktiengesellschaft initiated coverage on CubeSmart in a report on Tuesday, January 30th. They set a "sell" rating and a $40.00 target price for the company. Evercore ISI raised their target price on CubeSmart from $43.00 to $45.00 and gave the company an "in-line" rating in a report on Monday, March 4th. Raymond James restated an "outperform" rating and set a $48.00 target price on shares of CubeSmart in a report on Thursday, March 28th. Finally, Wells Fargo & Company raised their target price on CubeSmart from $42.00 to $46.00 and gave the company an "equal weight" rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $46.33.

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.