CubeSmart (NYSE:CUBE) Releases 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 FY 2024 guidance to 2.590-2.690 EPS.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CUBE shares. Evercore ISI lifted their target price on shares of CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a research report on Monday, March 4th. Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a report on Tuesday, January 30th. They issued a sell rating and a $40.00 target price for the company. Raymond James reiterated an outperform rating and set a $48.00 price target on shares of CubeSmart in a report on Thursday, March 28th. Jefferies Financial Group raised CubeSmart from a hold rating to a buy rating and upped their price target for the company from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Finally, Barclays initiated coverage on CubeSmart in a research report on Wednesday, March 27th. They set an equal weight rating and a $48.00 price objective for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $46.33.

CubeSmart Stock Performance

CUBE traded down $0.62 during trading on Friday, reaching $40.76. 1,165,289 shares of the company’s stock were exchanged, compared to its average volume of 1,216,967. The company has a market capitalization of $9.17 billion, a P/E ratio of 22.64 and a beta of 0.69. 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 price of $43.70 and a 200 day moving average price of $42.31. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $47.81.

CubeSmart Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 5.00%. The ex-dividend date was Thursday, March 28th. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

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.