CubeSmart (NYSE:CUBE) Releases Earnings Results, Misses Estimates By $0.23 EPS

CubeSmart (NYSE:CUBE) released its quarterly earnings results on Thursday. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23), Zacks reports. CubeSmart had a net margin of 38.07% and a return on equity of 14.34%. The firm had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. During the same period in the prior year, the business earned $0.66 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year.

CubeSmart Stock Performance

CUBE traded up $0.91 during trading on Friday, reaching $48.72. 2,551,682 shares of the company’s stock were exchanged, compared to its average volume of 1,254,358. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week 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 50 day moving average price of $45.14 and a 200 day moving average price of $44.09. The company has a market capitalization of $10.96 billion, a P/E ratio of 27.07, a PEG ratio of 8.43 and a beta of 0.80.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.51 per share. The ex-dividend date of this dividend 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 currently 113.33%.

Analysts Set New Price Targets

A number of research firms have recently commented on CUBE. Evercore ISI lifted their price target on shares of CubeSmart from $44.00 to $45.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Wells Fargo & Company boosted their target price on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, July 26th. Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Finally, BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $46.36.

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.