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.
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.
TRADEMARK VIOLATION NOTICE: This piece of content was originally published by Week Herald and is the property of of Week Herald. If you are reading this piece of content on another website, it was illegally stolen and republished in violation of U.S. & international trademark and copyright law. The correct version of this piece of content can be accessed at https://weekherald.com/2017/12/15/cubesmart-cube-declares-dividend-increase-0-30-per-share.html.
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.
Receive News & Ratings for CubeSmart Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CubeSmart and related companies with MarketBeat.com's FREE daily email newsletter.