CubeSmart (NYSE:CUBE) Announces Quarterly Dividend of $0.52

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Tuesday, February 25th, RTT News reports. Stockholders of record on Tuesday, April 1st will be paid a dividend of 0.52 per share by the real estate investment trust on Tuesday, April 15th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.83%.

CubeSmart has increased its dividend by an average of 11.8% annually over the last three years and has increased its dividend every year for the last 15 years. CubeSmart has a payout ratio of 116.9% meaning 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

CUBE traded down $0.16 on Wednesday, hitting $43.07. The company had a trading volume of 83,120 shares, compared to its average volume of 1,471,892. CubeSmart has a 1-year low of $39.80 and a 1-year high of $55.14. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.20 and a quick ratio of 0.20. The company’s fifty day moving average price is $41.89 and its 200 day moving average price is $47.15. The stock has a market cap of $9.74 billion, a price-to-earnings ratio of 24.37, a price-to-earnings-growth ratio of 11.58 and a beta of 0.87.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CUBE shares. Jefferies Financial Group downgraded shares of CubeSmart from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $57.00 to $46.00 in a report on Thursday, January 2nd. Royal Bank of Canada decreased their price target on shares of CubeSmart from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, November 4th. Deutsche Bank Aktiengesellschaft upgraded CubeSmart from a “sell” rating to a “hold” rating and dropped their price objective for the stock from $46.00 to $45.00 in a research note on Friday, January 10th. Wells Fargo & Company decreased their target price on CubeSmart from $50.00 to $44.00 and set an “equal weight” rating for the company in a research note on Friday, February 21st. Finally, Barclays lowered their target price on CubeSmart from $54.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $49.18.

CubeSmart Company Profile

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.