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 Stock Up 1.9 %

Shares of CubeSmart stock traded up $0.91 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 stock has a market cap of $10.96 billion, a P/E ratio of 27.07, a PEG ratio of 8.43 and a beta of 0.80. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. 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.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders 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 dividend yield of 4.19%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CUBE shares. Wells Fargo & Company raised their price objective on CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a research note on Friday, July 26th. Evercore ISI raised their price objective on CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, July 15th. Raymond James raised their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. Finally, BMO Capital Markets cut CubeSmart from an outperform rating to a market perform rating and reduced their price objective for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently 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.