CubeSmart (CUBE) Declares $0.49 Dividend
CubeSmart said on May 16, 2023 that its board of directors declared a regular quarterly dividend of $0.49 per share ($1.96 annualized). Previously, the company paid $0.49 per share.
Shares must be purchased before the ex-div date of June 30, 2023 to qualify for the dividend. Shareholders of record as of July 3, 2023 will receive the payment on July 17, 2023.
At the current share price of $45.40 / share, the stock's dividend yield is 4.32%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.90%, the lowest has been 2.48%, and the highest has been 6.33%. The standard deviation of yields is 0.60 (n=237).
The current dividend yield is 0.69 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 1.26. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.48%, demonstrating that it has increased its dividend over time.
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What is the Fund Sentiment?
There are 932 funds or institutions reporting positions in CubeSmart. This is an increase of 99 owner(s) or 11.88% in the last quarter. Average portfolio weight of all funds dedicated to CUBE is 0.44%, a decrease of 2.03%. Total shares owned by institutions decreased in the last three months by 3.43% to 268,751K shares. 
The put/call ratio of CUBE is 2.97, indicating a bearish outlook.
Analyst Price Forecast Suggests 17.33% Upside
As of May 11, 2023, the average one-year price target for CubeSmart is 53.27. The forecasts range from a low of 47.47 to a high of $67.20. The average price target represents an increase of 17.33% from its latest reported closing price of 45.40.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for CubeSmart is 1,101MM, an increase of 6.76%. The projected annual non-GAAP EPS is 1.30.
What are Other Shareholders Doing?
Principal Financial Group holds 11,435K shares representing 5.09% ownership of the company. In it's prior filing, the firm reported owning 12,925K shares, representing a decrease of 13.03%. The firm decreased its portfolio allocation in CUBE by 45.28% over the last quarter.
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 10,011K shares representing 4.46% ownership of the company. In it's prior filing, the firm reported owning 10,177K shares, representing a decrease of 1.66%. The firm decreased its portfolio allocation in CUBE by 1.46% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 6,935K shares representing 3.09% ownership of the company.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,817K shares representing 3.03% ownership of the company. In it's prior filing, the firm reported owning 6,694K shares, representing an increase of 1.80%. The firm decreased its portfolio allocation in CUBE by 5.51% over the last quarter.
T. Rowe Price Investment Management holds 6,032K shares representing 2.68% ownership of the company. In it's prior filing, the firm reported owning 5,623K shares, representing an increase of 6.78%. The firm increased its portfolio allocation in CUBE by 15.10% over the last quarter.
CubeSmart Background Information
(This description is provided by the company.)
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,238 self-storage properties across the United States. According to the 2020 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S.
Key filings for this company:
This story originally appeared on Fintel.