2 weeks Ago By ABMN Staff
CubeSmart ( NYSE:CUBE – Get Free Report ) declared a quarterly dividend on Tuesday, July 23rd, Zacks reports. Shareholders of record on Tuesday, October 1st will be given a dividend of 0.51 per share by the real estate investment trust on Tuesday, October 15th.
This represents a $2.04 dividend on an annualized basis and a yield of 3.83%.
The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart has raised its dividend payment by an average of 14.2% per year over the last three years and has increased its dividend annually for the last 14 consecutive years.
CubeSmart has a dividend payout ratio of 114.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect CubeSmart to earn $2.
73 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 74.7%.
CubeSmart Price Performance NYSE CUBE opened at $53.23 on Monday. The firm’s fifty day simple moving average is $50.
63 and its two-hundred day simple moving average is $46.12. The firm has a market capitalization of $11.
99 billion, a P/E ratio of 29.57, a P/E/G ratio of 9.73 and a beta of 0.
82. The company has a current ratio of 0.03, a quick ratio of 0.
03 and a debt-to-equity ratio of 1.03. CubeSmart has a 12-month low of $33.
17 and a 12-month high of $55.14. Insider Buying and Selling In other CubeSmart news, CEO Christopher P.
Marr sold 37,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total value of $1,792,650.
00. Following the completion of the transaction, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at $27,947,704.20.
The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink . In other news, insider Jeffrey P. Foster sold 7,739 shares of the stock in a transaction dated Monday, August 5th.
The shares were sold at an average price of $47.30, for a total transaction of $366,054.70.
Following the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink . Also, CEO Christopher P.
Marr sold 37,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.
00. Following the sale, the chief executive officer now owns 576,836 shares in the company, valued at $27,947,704.20.
The disclosure for this sale can be found here . Insiders have sold a total of 88,217 shares of company stock valued at $4,244,344 over the last ninety days. Company insiders own 1.
68% of the company’s stock. Analyst Upgrades and Downgrades CUBE has been the subject of several research analyst reports. Wells Fargo & Company increased their price objective on shares of CubeSmart from $46.
00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. Royal Bank of Canada initiated coverage on shares of CubeSmart in a report on Tuesday, September 10th.
They issued an “outperform” rating and a $56.00 price target for the company. UBS Group downgraded shares of CubeSmart from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $53.
00 to $54.00 in a research note on Friday, September 13th. Jefferies Financial Group upped their target price on CubeSmart from $53.
00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Evercore ISI lifted their price target on CubeSmart from $52.
00 to $53.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company.
According to data from MarketBeat.com, CubeSmart has an average rating of “Hold” and a consensus price target of $50.50.
Read Our Latest Research Report on CubeSmart 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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