CubeSmart (CUBE) Updates FY16 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY16 earnings guidance on Thursday. The company provided earnings per share guidance of $1.40-1.44 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.40. CubeSmart also updated its Q3 guidance to $0.37-0.38 EPS.

Several brokerages recently weighed in on CUBE. Zacks Investment Research cut CubeSmart from a buy rating to a hold rating in a research note on Wednesday, May 11th. SunTrust Banks Inc. cut CubeSmart from a buy rating to a neutral rating and decreased their target price for the company from $37.00 to $33.00 in a research note on Monday. BMO Capital Markets reaffirmed a buy rating on shares of CubeSmart in a research note on Monday, May 2nd. Citigroup Inc. raised their target price on CubeSmart from $30.00 to $32.00 and gave the company a neutral rating in a research note on Thursday, May 12th. Finally, Jefferies Group reaffirmed a buy rating on shares of CubeSmart in a research note on Friday, April 29th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. CubeSmart presently has a consensus rating of Buy and an average target price of $32.67.

Shares of CubeSmart (NYSE:CUBE) traded down 2.50% during midday trading on Thursday, reaching $29.21. The company had a trading volume of 5,810,541 shares. The company’s 50-day moving average is $30.49 and its 200-day moving average is $30.95. The firm has a market cap of $5.19 billion and a P/E ratio of 63.92. CubeSmart has a 52-week low of $24.32 and a 52-week high of $33.52.

CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.01. During the same quarter in the previous year, the firm posted $0.31 EPS. The business earned $126.53 million during the quarter, compared to the consensus estimate of $124.94 million. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts expect that CubeSmart will post $1.40 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, July 1st were given a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $0.84 annualized dividend and a yield of 2.88%.

CubeSmart operates as a self-managed and self-administered real estate investment trust (REIT). The Company’s operations are conducted solely through CubeSmart, L.P. (the Operating Partnership) and its subsidiaries. The Company is focused primarily on the ownership, operation, management, acquisition and development of self-storage facilities in the United States.