CubeSmart (NYSE:CUBE) Releases Q3 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.66-0.68 for the period, compared to the consensus earnings per share estimate of $0.67. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

CubeSmart Price Performance

Shares of NYSE CUBE traded up $0.91 during trading hours on Friday, reaching $48.72. 2,551,682 shares of the stock traded hands, compared to its average volume of 1,254,358. The company has a market capitalization of $10.96 billion, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 8.43 and a beta of 0.80. 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 52-week low of $33.17 and a 52-week high of $49.58. The company’s 50-day simple moving average is $45.14 and its two-hundred day simple moving average is $44.09.

CubeSmart Dividend Announcement

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 dividend on an annualized basis and a dividend yield of 4.19%. CubeSmart’s dividend payout ratio is 113.33%.

Analyst Ratings Changes

CUBE has been the topic of a number of research reports. BMO Capital Markets cut CubeSmart from an outperform rating to a market perform rating and decreased their price objective for the company from $50.00 to $47.00 in a report on Wednesday, May 29th. Evercore ISI boosted their target price on CubeSmart from $44.00 to $45.00 and gave the company an in-line rating in a research note on Monday, July 15th. Wells Fargo & Company boosted their target price 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 boosted their target price on CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $46.36.

CubeSmart Company Profile

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.