CubeSmart (NYSE:CUBE) Releases 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 $2.62-$2.66 for the period, compared to the consensus estimate of $2.64. CubeSmart also updated its FY 2024 guidance to 2.620-2.660 EPS.

CubeSmart Trading Down 1.1 %

Shares of NYSE CUBE traded down $0.51 during trading on Friday, reaching $47.33. The company had a trading volume of 1,675,756 shares, compared to its average volume of 1,407,238. CubeSmart has a 12 month low of $34.51 and a 12 month high of $55.14. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The stock has a market cap of $10.66 billion, a P/E ratio of 26.74, a PEG ratio of 8.73 and a beta of 0.84. The company’s fifty day moving average price is $51.36 and its 200-day moving average price is $47.11.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $260.68 million. CubeSmart had a net margin of 37.79% and a return on equity of 14.33%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 EPS. As a group, research analysts expect that CubeSmart will post 2.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CUBE shares. UBS Group lowered shares of CubeSmart from a “buy” rating to a “neutral” rating and boosted their target price for the company from $53.00 to $54.00 in a report on Friday, September 13th. Raymond James boosted their price objective on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Barclays decreased their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Jefferies Financial Group boosted their price target on CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company raised their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, CubeSmart presently has an average rating of “Hold” and a consensus price target of $51.73.

Insider Buying and Selling

In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of CubeSmart stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the transaction, the chief executive officer now owns 576,836 shares in the company, valued at approximately $27,947,704.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the completion of the sale, the chief operating officer now owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock worth $4,244,344 in the last quarter. Insiders own 1.68% of the company’s stock.

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.