CubeSmart (NYSE:CUBE) Releases Q2 Earnings Guidance

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

CubeSmart Trading Down 1.8 %

Shares of NYSE CUBE traded down $0.74 during mid-day trading on Thursday, hitting $41.38. 1,243,008 shares of the company traded hands, compared to its average volume of 1,478,720. The stock has a market capitalization of $9.31 billion, a price-to-earnings 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 quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The business has a 50 day moving average of $43.83 and a two-hundred day moving average of $42.27.

CubeSmart Announces Dividend

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

Analysts Set New Price Targets

CUBE has been the subject of several recent analyst reports. Jefferies Financial Group upgraded CubeSmart from a hold rating to a buy rating and increased their target price for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Truist Financial increased their target price on CubeSmart from $43.00 to $46.00 and gave the company a hold rating in a research note on Thursday, December 28th. Wells Fargo & Company raised their price objective on CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a research report on Friday, April 5th. Barclays assumed coverage on CubeSmart in a research report on Wednesday, March 27th. They issued an equal weight rating and a $48.00 price objective for the company. Finally, Evercore ISI raised their price objective on CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $46.33.

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.