CubeSmart Declares Quarterly Dividend of $0.30 (CUBE)

CubeSmart (NYSE:CUBE) announced a quarterly dividend on Wednesday, February 14th, Wall Street Journal reports. Stockholders of record on Monday, April 2nd will be given a dividend of 0.30 per share by the real estate investment trust on Monday, April 16th. This represents a $1.20 annualized dividend and a dividend yield of 4.61%. The ex-dividend date of this dividend is Thursday, March 29th.

CubeSmart has raised its dividend by an average of 27.6% per year over the last three years and has raised its dividend every year for the last 6 years. CubeSmart has a payout ratio of 76.4% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect CubeSmart to earn $1.64 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 73.2%.

CubeSmart (NYSE CUBE) traded down $0.43 during mid-day trading on Wednesday, hitting $26.05. 2,127,960 shares of the stock traded hands, compared to its average volume of 1,633,134. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.07 and a current ratio of 0.07. CubeSmart has a twelve month low of $22.83 and a twelve month high of $29.79. The stock has a market cap of $4,710.00, a price-to-earnings ratio of 40.08, a P/E/G ratio of 2.85 and a beta of 0.13.

In related news, CFO Timothy M. Martin sold 83,409 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $29.32, for a total value of $2,445,551.88. Following the transaction, the chief financial officer now directly owns 228,948 shares of the company’s stock, valued at approximately $6,712,755.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jonathan L. Perry sold 20,270 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $29.37, for a total transaction of $595,329.90. Following the completion of the transaction, the senior vice president now directly owns 67,197 shares in the company, valued at $1,973,575.89. The disclosure for this sale can be found here. Insiders sold a total of 167,425 shares of company stock worth $4,915,172 over the last ninety days. 1.20% of the stock is currently owned by corporate insiders.

A hedge fund recently raised its stake in CubeSmart stock. The Manufacturers Life Insurance Company lifted its position in shares of CubeSmart (NYSE:CUBE) by 7.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,341 shares of the real estate investment trust’s stock after buying an additional 370 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in CubeSmart were worth $128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several research firms have recently issued reports on CUBE. B. Riley reissued a “buy” rating on shares of CubeSmart in a research note on Wednesday, November 1st. SunTrust Banks set a $31.00 target price on shares of CubeSmart and gave the stock a “hold” rating in a research note on Monday, January 22nd. BidaskClub raised shares of CubeSmart from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 7th. Robert W. Baird reissued a “buy” rating and set a $27.00 target price on shares of CubeSmart in a research note on Tuesday, October 17th. Finally, Jefferies Group set a $33.00 target price on shares of CubeSmart and gave the stock a “buy” rating in a research note on Tuesday, November 28th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $29.55.

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CubeSmart Company Profile

CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.

Dividend History for CubeSmart (NYSE:CUBE)

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