CubeSmart (NYSE:CUBE) Updates FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $2.61-2.67 for the period, compared to the consensus earnings per share estimate of $2.64. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

Analyst Upgrades and Downgrades

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

CubeSmart Stock Up 1.9 %

Shares of NYSE:CUBE traded up $0.91 during trading on Friday, reaching $48.72. 2,551,682 shares of the company traded hands, compared to its average volume of 1,254,358. The firm has a fifty day simple moving average of $45.14 and a 200 day simple moving average of $44.09. The firm has a market cap of $10.96 billion, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 8.43 and a beta of 0.80. CubeSmart has a 1-year low of $33.17 and a 1-year 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.

CubeSmart Dividend Announcement

The business also recently announced 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. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

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.