CubeSmart (NYSE:CUBE) Issues FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.59-2.69 for the period, compared to the consensus EPS estimate of $2.65. CubeSmart also updated its FY 2024 guidance to 2.590-2.690 EPS.

CubeSmart Price Performance

CUBE stock traded down $0.62 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. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The stock has a market cap of $9.17 billion, a price-to-earnings ratio of 22.64 and a beta of 0.69. The stock has a fifty day moving average of $43.70 and a 200-day moving average of $42.28. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81.

CubeSmart Announces Dividend

The business 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. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.04 annualized dividend and a yield of 5.00%. CubeSmart’s dividend payout ratio is presently 113.33%.

Analysts Set New Price Targets

A number of analysts recently issued reports on CUBE shares. Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a research report on Tuesday, January 30th. They set a sell rating and a $40.00 price objective for the company. Raymond James reissued an outperform rating and issued a $48.00 price target on shares of CubeSmart in a research note on Thursday, March 28th. Evercore ISI raised their price objective on shares of CubeSmart from $43.00 to $45.00 and gave the company an in-line rating in a research report on Monday, March 4th. Wells Fargo & Company boosted their target price on shares of CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a research report on Friday, April 5th. Finally, Barclays initiated coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They set an equal weight rating and a $48.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $46.33.

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.