CubeSmart (NYSE:CUBE) Updates FY 2024 Earnings Guidance

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

CubeSmart Stock Up 1.9 %

NYSE:CUBE traded up $0.91 during trading hours on Friday, hitting $48.72. 2,551,682 shares of the stock traded hands, compared to its average volume of 1,254,358. The firm has a 50 day moving average price of $45.14 and a 200 day moving average price 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 fifty-two week low of $33.17 and a fifty-two week high of $49.58. The firm has a market cap of $10.96 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 8.43 and a beta of 0.80.

CubeSmart (NYSE:CUBE) last announced its earnings results 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 net margin of 38.07% and a return on equity of 14.34%. The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. During the same period last year, the firm earned $0.66 earnings per share. CubeSmart’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities research analysts anticipate that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Dividend Announcement

The company 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 annualized dividend and a yield of 4.19%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Wall Street Analyst Weigh In

CUBE has been the topic of a number of research reports. Evercore ISI upped their price target on shares of CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, July 15th. BMO Capital Markets downgraded shares of CubeSmart from an outperform rating to a market perform rating and dropped their price target for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. Raymond James upped their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. Finally, Wells Fargo & Company upped their price target 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 investment 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 data from MarketBeat.com, the stock currently has a consensus 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.