CubeSmart (NYSE:CUBE) Issues FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.59-2.69 for the period, compared to the consensus EPS estimate of $2.65. CubeSmart also updated its FY 2024 guidance to 2.590-2.690 EPS.

CubeSmart Price Performance

Shares of CUBE traded down $0.62 during mid-day trading on Friday, reaching $40.76. The company had a trading volume of 1,165,289 shares, compared to its average volume of 1,216,967. The company’s 50 day simple moving average is $43.70 and its 200 day simple moving average is $42.28. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The company has a market capitalization of $9.17 billion, a price-to-earnings ratio of 22.64 and a beta of 0.69.

CubeSmart Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a $0.51 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 5.00%. CubeSmart’s payout ratio is currently 113.33%.

Analyst Upgrades and Downgrades

CUBE has been the topic of several recent research reports. Raymond James reiterated an outperform rating and set a $48.00 target price on shares of CubeSmart in a research report on Thursday, March 28th. Jefferies Financial Group upgraded shares of CubeSmart from a hold rating to a buy rating and lifted their target price for the stock from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Wells Fargo & Company raised their price target on shares of CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a report on Friday, April 5th. Evercore ISI raised their price target on shares of CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a report on Monday, March 4th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They issued a sell rating and a $40.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $46.33.

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.