CubeSmart (NYSE:CUBE) Sets New 1-Year High Following Dividend Announcement

CubeSmart (NYSE:CUBE) shares hit a new 52-week high during trading on Tuesday after the company announced a dividend. The stock traded as high as $43.06 and last traded at $43.0880, with a volume of 84462 shares traded. The stock had previously closed at $42.28.

The newly announced dividend which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 5.0%. The ex-dividend date is Thursday, October 1st. CubeSmart’s dividend payout ratio (DPR) is 149.30%.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of research reports. Barclays raised shares of CubeSmart from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $45.00 to $46.00 in a research note on Friday, July 10th. Truist Financial increased their price objective on shares of CubeSmart from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, June 17th. Royal Bank Of Canada restated an “outperform” rating and set a $46.00 price objective on shares of CubeSmart in a report on Monday, May 4th. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $40.00 to $42.00 and gave the company an “equal weight” rating in a research report on Friday, July 24th. Finally, Evercore set a $47.00 target price on shares of CubeSmart in a research note on Monday, July 6th. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $43.42.

CubeSmart Price Performance

The stock has a market cap of $9.60 billion, a P/E ratio of 29.85, a PEG ratio of 7.35 and a beta of 1.08. The company has a 50 day simple moving average of $40.74 and a 200 day simple moving average of $39.49. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.29.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. The firm had revenue of $281.93 million during the quarter, compared to the consensus estimate of $275.25 million. CubeSmart had a return on equity of 11.84% and a net margin of 28.93%.The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.64 EPS. Sell-side analysts forecast that CubeSmart will post 2.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in CubeSmart during the fourth quarter worth $395,968,000. Millennium Management LLC grew its position in shares of CubeSmart by 201.5% in the 4th quarter. Millennium Management LLC now owns 2,739,600 shares of the real estate investment trust’s stock valued at $98,763,000 after acquiring an additional 1,830,993 shares during the period. Alyeska Investment Group L.P. grew its position in shares of CubeSmart by 36.4% in the 3rd quarter. Alyeska Investment Group L.P. now owns 4,283,952 shares of the real estate investment trust’s stock valued at $174,185,000 after acquiring an additional 1,143,464 shares during the period. Hsbc Holdings PLC increased its stake in shares of CubeSmart by 73.6% during the 4th quarter. Hsbc Holdings PLC now owns 1,726,419 shares of the real estate investment trust’s stock worth $62,260,000 after purchasing an additional 731,883 shares during the last quarter. Finally, Vision Capital Corp acquired a new position in shares of CubeSmart during the 4th quarter worth about $19,707,000. Institutional investors own 97.61% of the company’s stock.

About CubeSmart

CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.

In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.