CubeSmart (NYSE:CUBE) Issues Q2 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.630-0.650 for the period, compared to the consensus EPS estimate of 0.650. The company issued revenue guidance of -. CubeSmart also updated its FY 2024 guidance to 2.590-2.690 EPS.

CubeSmart Price Performance

NYSE CUBE traded down $0.74 during trading hours on Thursday, reaching $41.38. The company’s stock had a trading volume of 1,243,008 shares, compared to its average volume of 1,478,721. 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’s 50-day moving average price is $43.83 and its 200-day moving average price is $42.27. The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 23.26 and a beta of 0.69.

CubeSmart Announces Dividend

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

Analyst Upgrades and Downgrades

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