CubeSmart (NYSE:CUBE) Releases Q3 2024 Earnings Guidance

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

CubeSmart Price Performance

Shares of CUBE stock traded up $0.91 on Friday, reaching $48.72. 2,551,682 shares of the company were exchanged, compared to its average volume of 1,254,358. The company has a market cap of $10.96 billion, a price-to-earnings ratio of 27.07, a P/E/G ratio of 8.43 and a beta of 0.80. The business has a 50-day moving average price of $45.14 and a 200 day moving average price of $44.09. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. CubeSmart has a 1 year low of $33.17 and a 1 year high of $49.58.

CubeSmart (NYSE:CUBE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a return on equity of 14.34% and a net margin of 38.07%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.66 EPS. Equities research analysts forecast that CubeSmart will post 2.64 earnings per share for the current fiscal year.

CubeSmart Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid 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 currently 113.33%.

Analysts Set New Price Targets

CUBE has been the subject of a number of research reports. Evercore ISI boosted their target price 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. Raymond James upped their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a research note on Tuesday, July 23rd. BMO Capital Markets cut shares of CubeSmart from an outperform rating to a market perform rating and dropped their price objective for the company from $50.00 to $47.00 in a research note on Wednesday, May 29th. Finally, Wells Fargo & Company upped their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the company an equal weight rating in a research note on Friday, July 26th. One 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’s stock. According to MarketBeat, the stock currently has an average rating of Hold and an average target price 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.