CubeSmart (NYSE:CUBE) Releases Q2 Earnings Guidance

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

CubeSmart Trading Down 1.8 %

NYSE CUBE traded down $0.74 on Thursday, hitting $41.38. The company’s stock had a trading volume of 1,243,008 shares, compared to its average volume of 1,478,720. The company’s 50-day moving average is $43.83 and its 200 day moving average is $42.27. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81. The firm has a market cap of $9.31 billion, a PE ratio of 23.26 and a beta of 0.69.

CubeSmart Dividend Announcement

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

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Truist Financial increased their target price on shares of CubeSmart from $43.00 to $46.00 and gave the stock a hold rating in a research note on Thursday, December 28th. Barclays started coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They issued an equal weight rating and a $48.00 price objective on the stock. Raymond James reaffirmed an outperform rating and issued a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of CubeSmart in a report on Tuesday, January 30th. They issued a sell rating and a $40.00 target price for the company. Finally, Evercore ISI increased their target price on shares of CubeSmart from $43.00 to $45.00 and gave the company an in-line rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus 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.