CubeSmart (NYSE:CUBE) Issues FY 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 2.610-2.670 for the period, compared to the consensus EPS estimate of 2.650. The company issued revenue guidance of -. CubeSmart also updated its FY24 guidance to $2.61-2.67 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CUBE shares. Raymond James increased their price objective on CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. BMO Capital Markets downgraded shares of CubeSmart from an outperform rating to a market perform rating and reduced their price target for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Evercore ISI boosted their price objective on shares of CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a report on Monday, July 15th. Finally, Wells Fargo & Company increased their target price on shares of CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average price target of $46.36.

CubeSmart Price Performance

CubeSmart stock traded up $0.91 during mid-day trading on Friday, hitting $48.72. 2,551,682 shares of the company were exchanged, compared to its average volume of 1,254,358. CubeSmart has a 1-year low of $33.17 and a 1-year high of $49.58. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The business has a fifty day moving average of $45.14 and a 200 day moving average of $44.09. The company has a market capitalization of $10.96 billion, a PE ratio of 27.07, a price-to-earnings-growth ratio of 8.43 and a beta of 0.80.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). The firm had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.34%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.66 earnings per share. As a group, sell-side analysts expect that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be given a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 4.19%. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

CubeSmart Company Profile

CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.