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.

CubeSmart Price Performance

Shares of NYSE CUBE traded up $0.91 during midday trading on Friday, reaching $48.72. 2,551,682 shares of the stock traded hands, compared to its average volume of 1,254,358. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The stock has a market capitalization of $10.96 billion, a PE ratio of 27.07, a P/E/G ratio of 8.43 and a beta of 0.80. CubeSmart has a one year low of $33.17 and a one year high of $49.58. The company’s 50 day moving average is $45.14 and its 200 day moving average is $44.09.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a return on equity of 14.34% and a net margin of 38.07%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.66 earnings per share. On average, equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current 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 $0.51 dividend. 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 is presently 113.33%.

Analyst Ratings Changes

CUBE has been the subject of a number of analyst reports. Wells Fargo & Company raised their price target on CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a research report on Friday, July 26th. BMO Capital Markets downgraded CubeSmart from an outperform rating to a market perform rating and lowered their price target for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Evercore ISI increased their target price on CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, July 15th. Finally, Raymond James increased their target price on CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. One research 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’s stock. According to data from MarketBeat.com, CubeSmart has an average rating of Hold and an average price target of $46.36.

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.