CubeSmart (NYSE:CUBE) Announces Dividend Increase – $0.53 Per Share

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Monday, December 15th. Stockholders of record on Friday, January 2nd will be given a dividend of 0.53 per share by the real estate investment trust on Friday, January 16th. This represents a c) dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend is Friday, January 2nd. This is a 1.9% increase from CubeSmart’s previous quarterly dividend of $0.52.

CubeSmart has raised its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 16 consecutive years. CubeSmart has a payout ratio of 132.5% 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 $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 Trading Down 0.1%

Shares of CUBE traded down $0.02 during mid-day trading on Monday, hitting $36.50. The company had a trading volume of 2,278,580 shares, compared to its average volume of 1,787,107. CubeSmart has a 1-year low of $34.24 and a 1-year high of $46.54. The business’s 50-day simple moving average is $38.34 and its 200-day simple moving average is $40.26. The stock has a market cap of $8.32 billion, a PE ratio of 23.40, a P/E/G ratio of 8.70 and a beta of 1.11. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.22.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Friday, October 31st. The real estate investment trust reported $0.65 EPS for the quarter, hitting the consensus estimate of $0.65. The firm had revenue of $285.08 million during the quarter, compared to analyst estimates of $282.57 million. CubeSmart had a net margin of 33.31% and a return on equity of 12.49%. CubeSmart’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.67 earnings per share. Sell-side analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

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.