CubeSmart (NYSE:CUBE) Updates Q3 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.660-0.680 for the period, compared to the consensus earnings per share estimate of 0.670. The company issued revenue guidance of -. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

Wall Street Analyst Weigh In

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

CubeSmart Stock Up 1.9 %

Shares of NYSE CUBE traded up $0.91 during trading on Friday, hitting $48.72. The stock had a trading volume of 2,551,682 shares, compared to its average volume of 1,254,358. The company has a market capitalization of $10.96 billion, a PE ratio of 27.07, a PEG ratio of 8.43 and a beta of 0.80. The firm has a fifty day moving average of $45.14 and a two-hundred day moving average of $44.09. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. CubeSmart has a 12 month low of $33.17 and a 12 month high of $49.58.

CubeSmart (NYSE:CUBE) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company 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%. CubeSmart’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS. As a group, equities research analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The business 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 annualized dividend and a yield of 4.19%. CubeSmart’s payout ratio is currently 113.33%.

About CubeSmart

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.