CubeSmart (NYSE:CUBE) Issues FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $2.61-2.67 for the period, compared to the consensus EPS estimate of $2.64. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

CubeSmart Stock Up 0.5 %

CUBE stock traded up $0.23 during midday trading on Thursday, reaching $47.81. The company had a trading volume of 1,483,172 shares, compared to its average volume of 1,377,805. The company has a 50 day moving average of $44.80 and a two-hundred day moving average of $44.03. The company has a market capitalization of $10.76 billion, a P/E ratio of 26.56, a PEG ratio of 8.43 and a beta of 0.80. CubeSmart has a 1 year low of $33.17 and a 1 year high of $49.58. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04.

CubeSmart Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. The ex-dividend date is Tuesday, October 1st. This represents a $2.04 annualized dividend and a dividend yield of 4.27%. CubeSmart’s dividend payout ratio is 113.33%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CUBE shares. BMO Capital Markets downgraded CubeSmart from an outperform rating to a market perform rating and cut their price target for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. Evercore ISI upped their price target on CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, July 15th. Wells Fargo & Company raised their price objective on CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a research note on Friday, July 26th. Finally, Raymond James upped their target price on CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, CubeSmart has a consensus rating of Hold and a consensus price target 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.