CubeSmart (NYSE:CUBE) Updates FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.59-2.69 for the period, compared to the consensus estimate of $2.65. CubeSmart also updated its FY 2024 guidance to 2.590-2.690 EPS.

CubeSmart Stock Down 1.5 %

NYSE:CUBE traded down $0.62 during midday trading on Friday, hitting $40.76. 1,165,289 shares of the company were exchanged, compared to its average volume of 1,216,967. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $47.81. 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 $9.17 billion, a PE ratio of 22.64 and a beta of 0.69. The company has a fifty day simple moving average of $43.70 and a 200 day simple moving average of $42.31.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s dividend payout ratio is currently 113.33%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They issued a sell rating and a $40.00 price objective on the stock. Barclays began coverage on CubeSmart in a research report on Wednesday, March 27th. They issued an equal weight rating and a $48.00 price target on the stock. Raymond James reiterated an outperform rating and issued a $48.00 target price on shares of CubeSmart in a research note on Thursday, March 28th. Wells Fargo & Company increased their price target on CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a report on Friday, April 5th. Finally, Evercore ISI lifted their target price on shares of CubeSmart from $43.00 to $45.00 and gave the company an in-line rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $46.33.

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.