CubeSmart (NYSE:CUBE) Issues FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.59-2.69 for the period, compared to the consensus EPS estimate of $2.65. CubeSmart also updated its Q2 guidance to $0.63-0.65 EPS.

CubeSmart Stock Down 1.8 %

Shares of NYSE:CUBE traded down $0.74 on Thursday, hitting $41.38. 1,243,008 shares of the company’s stock were exchanged, compared to its average volume of 1,478,720. The firm’s 50-day moving average is $43.83 and its 200 day moving average is $42.27. The company has a market capitalization of $9.31 billion, a PE ratio of 23.26 and a beta of 0.69. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were given a dividend of $0.51 per share. The ex-dividend date was Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 4.93%. CubeSmart’s dividend payout ratio is currently 112.71%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Truist Financial upped their target price on CubeSmart from $43.00 to $46.00 and gave the company a hold rating in a research report on Thursday, December 28th. Raymond James reaffirmed an outperform rating and set a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Jefferies Financial Group raised CubeSmart from a hold rating to a buy rating and upped their price objective for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Deutsche Bank Aktiengesellschaft started coverage on CubeSmart in a research note on Tuesday, January 30th. They set a sell rating and a $40.00 price objective for the company. Finally, Wells Fargo & Company increased their target price on CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus 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.