CubeSmart (NYSE:CUBE) Releases FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY24 earnings guidance on Thursday. 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.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CUBE shares. Barclays reduced their price target on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and boosted their price target for the company from $53.00 to $54.00 in a research report on Friday, September 13th. Truist Financial boosted their price target on shares of CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Raymond James boosted their price target on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Finally, Evercore ISI boosted their price target on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $51.73.

CubeSmart Stock Down 1.1 %

Shares of NYSE CUBE traded down $0.51 during midday trading on Friday, hitting $47.33. The stock had a trading volume of 1,675,756 shares, compared to its average volume of 1,407,238. 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 business’s 50 day moving average is $51.36 and its 200-day moving average is $47.11. CubeSmart has a 52 week low of $34.51 and a 52 week high of $55.14. The company 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.

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

Insider Activity

In other news, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the completion of the transaction, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other CubeSmart news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the completion of the sale, the chief executive officer now directly owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey P. Foster sold 7,739 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,217 shares of company stock valued at $4,244,344 over the last three months. 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.