CubeSmart (NYSE:CUBE) Updates 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 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 Price Performance

CubeSmart stock traded up $0.91 during midday trading on Friday, reaching $48.72. The company’s stock had a trading volume of 2,551,682 shares, compared to its average volume of 1,254,358. The firm has a market capitalization of $10.96 billion, a PE ratio of 27.07, a P/E/G ratio of 8.43 and a beta of 0.80. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $49.58. The stock’s 50 day simple moving average is $45.14 and its 200 day simple moving average is $44.09. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a net margin of 38.07% and a return on equity of 14.34%. The company had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. During the same quarter in the prior year, the business earned $0.66 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current year.

CubeSmart Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Raymond James raised their price target on CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. Evercore ISI lifted their target price on shares of CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research report on Monday, July 15th. BMO Capital Markets lowered shares of CubeSmart from an outperform rating to a market perform rating and lowered their price target for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. Finally, Wells Fargo & Company lifted their price objective on CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a research report on Friday, July 26th. 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. Based on data from MarketBeat, the company presently 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.