CubeSmart (CUBE) Declares Dividend Increase – $0.30 Per Share

CubeSmart (NYSE:CUBE) declared a quarterly dividend on Friday, December 15th, Wall Street Journal reports. Shareholders of record on Tuesday, January 2nd will be given a dividend of 0.30 per share by the real estate investment trust on Tuesday, January 16th. This represents a $1.20 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date is Friday, December 29th. This is an increase from CubeSmart’s previous quarterly dividend of $0.27.

CubeSmart has raised its dividend payment by an average of 24.1% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. CubeSmart has a dividend payout ratio of 68.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect CubeSmart to earn $1.64 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 65.9%.

Shares of CubeSmart (NYSE CUBE) traded down $0.08 during mid-day trading on Friday, hitting $29.24. 1,892,100 shares of the company were exchanged, compared to its average volume of 1,634,304. The stock has a market cap of $5,303.44, a PE ratio of 18.92, a P/E/G ratio of 3.79 and a beta of 0.22. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.00. CubeSmart has a 12 month low of $22.83 and a 12 month high of $29.67.

Several analysts have issued reports on CUBE shares. FBR & Co reissued a “buy” rating and issued a $32.00 price target on shares of CubeSmart in a report on Friday, October 27th. BidaskClub raised shares of CubeSmart from a “sell” rating to a “hold” rating in a report on Saturday, September 16th. UBS lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 30th. Evercore ISI reissued an “outperform” rating and issued a $28.00 price target (up previously from $27.00) on shares of CubeSmart in a report on Thursday, September 14th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and set a $27.00 target price on shares of CubeSmart in a report on Monday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $28.60.

In related news, SVP Jonathan L. Perry sold 20,270 shares of CubeSmart 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 of the company’s stock, valued at approximately $1,973,575.89. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Timothy M. Martin sold 83,409 shares of CubeSmart stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $29.32, for a total transaction 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 $6,712,755.36. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

An institutional investor recently raised its position in CubeSmart stock. The Manufacturers Life Insurance Company lifted its stake in CubeSmart (NYSE:CUBE) by 7.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,341 shares of the real estate investment trust’s stock after acquiring an additional 370 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in CubeSmart were worth $128,000 as of its most recent filing with the Securities & Exchange Commission.

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About CubeSmart

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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