CubeSmart to Issue Quarterly Dividend of $0.33 (NYSE:CUBE)

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Investors of record on Thursday, October 1st will be given a dividend of 0.33 per share by the real estate investment trust on Thursday, October 15th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date of this dividend is Wednesday, September 30th.

CubeSmart has raised its dividend payment by an average of 43.3% per year over the last three years and has raised its dividend annually for the last 8 consecutive years. CubeSmart has a payout ratio of 169.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect CubeSmart to earn $1.60 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 82.5%.

Shares of CUBE traded up $0.13 during trading hours on Friday, reaching $29.40. 30,806 shares of the stock traded hands, compared to its average volume of 918,291. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 1.08. CubeSmart has a 52-week low of $19.61 and a 52-week high of $36.32. The company’s 50-day moving average price is $27.72 and its two-hundred day moving average price is $28.15. The company has a market cap of $5.67 billion, a P/E ratio of 32.52, a price-to-earnings-growth ratio of 11.53 and a beta of 0.28.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, May 7th. The real estate investment trust reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.20). CubeSmart had a net margin of 26.18% and a return on equity of 9.53%. The firm had revenue of $164.08 million for the quarter, compared to analysts’ expectations of $162.56 million. During the same quarter last year, the firm posted $0.40 EPS. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, research analysts forecast that CubeSmart will post 1.6 EPS for the current year.

A number of research firms recently weighed in on CUBE. Wells Fargo & Co lowered their target price on shares of CubeSmart from $28.00 to $25.00 and set an “underweight” rating on the stock in a research note on Thursday, April 2nd. Citigroup decreased their price target on shares of CubeSmart from $31.00 to $27.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Zacks Investment Research cut shares of CubeSmart from a “hold” rating to a “sell” rating in a research note on Tuesday, July 21st. SunTrust Banks decreased their price target on shares of CubeSmart from $34.00 to $31.00 and set a “hold” rating on the stock in a research note on Friday, April 17th. Finally, TheStreet cut shares of CubeSmart from a “b-” rating to a “c+” rating in a research note on Wednesday, April 8th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. CubeSmart has a consensus rating of “Hold” and an average target price of $29.44.

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 secure storage space for residential and commercial customers. According to the 2019 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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