CubeSmart (NYSE:CUBE) Updates Q3 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its third quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.660-0.680 for the period, compared to the consensus EPS estimate of 0.670. The company issued revenue guidance of -. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

CubeSmart Stock Up 1.9 %

Shares of NYSE CUBE traded up $0.91 during trading on Friday, reaching $48.72. The company had a trading volume of 2,551,682 shares, compared to its average volume of 1,254,358. CubeSmart has a 12-month low of $33.17 and a 12-month high of $49.58. 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’s 50-day moving average is $45.14 and its 200 day moving average is $44.09. The stock has a market cap of $10.96 billion, a PE ratio of 27.07, a P/E/G ratio of 8.43 and a beta of 0.80.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.23). The firm had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a net margin of 38.07% and a return on equity of 14.34%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $0.66 earnings per share. As a group, equities analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s payout ratio is 113.33%.

Analysts Set New Price Targets

CUBE has been the subject of several research analyst reports. Raymond James lifted their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a report on Tuesday, July 23rd. Evercore ISI lifted their price target on shares of CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, July 15th. BMO Capital Markets downgraded shares of CubeSmart from an outperform rating to a market perform rating and lowered their price objective for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. Finally, Wells Fargo & Company lifted their target price on shares of CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently 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.