CubeSmart (NYSE:CUBE) Issues FY 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.610-2.670 for the period, compared to the consensus estimate of 2.650. The company issued revenue guidance of -. CubeSmart also updated its FY24 guidance to $2.61-2.67 EPS.

Analyst Ratings Changes

CUBE has been the topic of several research analyst reports. Raymond James boosted their price target on CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. BMO Capital Markets lowered CubeSmart from an outperform rating to a market perform rating and lowered their target price for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Wells Fargo & Company raised their price target on CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a research report on Friday, July 26th. Finally, 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 research note on Monday, July 15th. 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, the stock presently has a consensus rating of Hold and an average target price of $46.36.

CubeSmart Trading Up 1.9 %

Shares of NYSE CUBE traded up $0.91 during midday trading on Friday, reaching $48.72. 2,551,682 shares of the stock were exchanged, compared to its average volume of 1,254,358. 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 capitalization of $10.96 billion, a P/E ratio of 27.07, a P/E/G ratio of 8.43 and a beta of 0.80. The stock has a 50 day moving average price of $45.14 and a 200-day moving average price of $44.09. CubeSmart has a 52-week low of $33.17 and a 52-week high of $49.58.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 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 firm had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. During the same period in the previous year, the firm posted $0.66 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. Equities research analysts expect that CubeSmart will post 2.64 earnings per share for the current fiscal year.

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 $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s payout ratio is 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.