CubeSmart (NYSE:CUBE) Updates Q3 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.66-0.68 for the period, compared to the consensus estimate of $0.67. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

CubeSmart Price Performance

NYSE CUBE traded up $0.91 during trading hours on Friday, hitting $48.72. 2,551,682 shares of the company’s stock traded hands, compared to its average volume of 1,254,358. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04. The firm’s 50-day moving average is $45.14 and its 200-day moving average is $44.09. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a yield of 4.19%. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Analysts Set New Price Targets

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

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.