CubeSmart (NYSE:CUBE) Updates Q3 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.660-0.680 for the period, compared to the consensus earnings per share estimate of 0.670. The company issued revenue guidance of -. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

CubeSmart Stock Performance

Shares of CUBE traded up $0.91 during trading hours on Friday, hitting $48.72. The company had a trading volume of 2,551,682 shares, compared to its average volume of 1,254,358. The business has a fifty day moving average of $45.14 and a 200-day moving average of $44.09. 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 has a market cap of $10.96 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 8.43 and a beta of 0.80. CubeSmart has a 12 month low of $33.17 and a 12 month high of $49.58.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results 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 38.07% and a return on equity of 14.34%. The company had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. During the same period in the prior year, the company earned $0.66 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. Equities analysts anticipate that CubeSmart will post 2.64 EPS for the current fiscal year.

CubeSmart Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio is 113.33%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CUBE. Wells Fargo & Company lifted their target price on CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a report on Friday, July 26th. Evercore ISI increased their target price on shares of CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research report on Monday, July 15th. Raymond James lifted 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, BMO Capital Markets downgraded CubeSmart from an outperform rating to a market perform rating and reduced their price target for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $46.36.

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.