CubeSmart (NYSE:CUBE) Updates FY 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.590-2.690 for the period, compared to the consensus earnings per share estimate of 2.650. The company issued revenue guidance of -. CubeSmart also updated its FY24 guidance to $2.59-2.69 EPS.

CubeSmart Stock Performance

Shares of NYSE CUBE traded down $0.62 during midday trading on Friday, hitting $40.76. 1,165,289 shares of the company’s stock traded hands, compared to its average volume of 1,216,967. CubeSmart has a 1 year low of $33.17 and a 1 year high of $47.81. The stock has a market capitalization of $9.17 billion, a price-to-earnings ratio of 22.64 and a beta of 0.69. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The firm has a fifty day moving average of $43.70 and a 200 day moving average of $42.31.

CubeSmart Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were issued 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 is 113.33%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Wells Fargo & Company upped their price target on CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a research note on Friday, April 5th. Raymond James reiterated an outperform rating and issued a $48.00 target price on shares of CubeSmart in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on CubeSmart in a research note on Tuesday, January 30th. They set a sell rating and a $40.00 price target on the stock. Jefferies Financial Group upgraded CubeSmart from a hold rating to a buy rating and raised their price target for the company from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Finally, Evercore ISI raised their price target on CubeSmart from $43.00 to $45.00 and gave the company an in-line rating in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock 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.