Fintel reports that on July 3, 2023, Raymond James maintained coverage of CubeSmart (NYSE:CUBE) with a Outperform recommendation.
Analyst Price Forecast Suggests 18.00% Upside
As of June 1, 2023, the average one-year price target for CubeSmart is 52.70. The forecasts range from a low of 47.47 to a high of $67.20. The average price target represents an increase of 18.00% from its latest reported closing price of 44.66.
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.
CubeSmart Declares $0.49 Dividend
On May 16, 2023 the company declared a regular quarterly dividend of $0.49 per share ($1.96 annualized). Shareholders of record as of July 3, 2023 will receive the payment on July 17, 2023. Previously, the company paid $0.49 per share.
At the current share price of $44.66 / share, the stock's dividend yield is 4.39%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.91%, the lowest has been 2.48%, and the highest has been 6.33%. The standard deviation of yields is 0.60 (n=236).
The current dividend yield is 0.79 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.
What is the Fund Sentiment?
There are 937 funds or institutions reporting positions in CubeSmart. This is an increase of 61 owner(s) or 6.96% in the last quarter. Average portfolio weight of all funds dedicated to CUBE is 0.46%, an increase of 0.48%. Total shares owned by institutions decreased in the last three months by 2.47% to 270,245K shares. 
The put/call ratio of CUBE is 4.83, indicating a bearish outlook.
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 9,869K shares representing 4.39% ownership of the company. In it's prior filing, the firm reported owning 10,011K shares, representing a decrease of 1.43%. The firm increased its portfolio allocation in CUBE by 8.53% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,946K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 6,817K shares, representing an increase of 1.85%. The firm increased its portfolio allocation in CUBE by 8.03% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 6,928K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 6,935K shares, representing a decrease of 0.10%. The firm increased its portfolio allocation in CUBE by 9.80% 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
