CubeSmart (NYSE:CUBE) Releases Q3 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.660-0.680 for the period, compared to the consensus 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 Analysts Forecast Growth

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

CubeSmart Stock Up 1.9 %

Shares of CUBE stock traded up $0.91 during trading hours on Friday, hitting $48.72. 2,551,682 shares of the company were exchanged, compared to its average volume of 1,254,358. The business has a 50 day moving average of $45.14 and a two-hundred day moving average of $44.09. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 52 week low of $33.17 and a 52 week high of $49.58. 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.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). CubeSmart had a return on equity of 14.34% and a net margin of 38.07%. The company had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. During the same period in the prior year, the company earned $0.66 EPS. The firm’s revenue was up 2.1% on a year-over-year basis. Analysts anticipate that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio is 113.33%.

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.