CubeSmart (NYSE:CUBE) Issues FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.59-2.69 for the period, compared to the consensus 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 trading hours on Friday, reaching $40.76. 1,165,289 shares of the stock traded hands, compared to its average volume of 1,216,967. CubeSmart has a 52-week low of $33.17 and a 52-week high of $47.81. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a market cap of $9.17 billion, a P/E ratio of 22.64 and a beta of 0.69. The company’s 50-day moving average price is $43.70 and its two-hundred day moving average price is $42.28.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s dividend payout ratio is currently 113.33%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CUBE shares. Raymond James reaffirmed an outperform rating and set a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. Wells Fargo & Company raised their target price on shares of CubeSmart from $42.00 to $46.00 and gave the company an equal weight rating in a research note on Friday, April 5th. Barclays initiated coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They issued an equal weight rating and a $48.00 price target on the stock. Evercore ISI lifted their target price on CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a report on Monday, March 4th. Finally, Jefferies Financial Group raised CubeSmart from a hold rating to a buy rating and increased their price target for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, CubeSmart has an average rating of Hold and an average price target of $46.33.

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.