CubeSmart (NYSE:CUBE) Updates Q2 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its second quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.63-0.65 for the period, compared to the consensus earnings per share estimate of $0.65. CubeSmart also updated its FY 2024 guidance to 2.590-2.690 EPS.

CubeSmart Trading Down 1.5 %

Shares of NYSE:CUBE traded down $0.62 during midday trading on Friday, hitting $40.76. 1,165,289 shares of the stock were exchanged, compared to its average volume of 1,216,967. The business’s 50-day moving average price is $43.70 and its 200 day moving average price is $42.31. CubeSmart has a 12 month low of $33.17 and a 12 month high of $47.81. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The stock has a market capitalization of $9.17 billion, a price-to-earnings ratio of 22.64 and a beta of 0.69.

CubeSmart Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date was Thursday, March 28th. CubeSmart’s payout ratio is 113.33%.

Analysts Set New Price Targets

A number of research firms recently commented on CUBE. Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a research note on Tuesday, January 30th. They issued a sell rating and a $40.00 target price on the stock. Jefferies Financial Group upgraded shares of CubeSmart from a hold rating to a buy rating and increased their price target for the company from $38.00 to $53.00 in a research report on Tuesday, January 2nd. 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. Barclays began coverage on CubeSmart in a research note on Wednesday, March 27th. They set an equal weight rating and a $48.00 price objective on the stock. Finally, Evercore ISI lifted their price target on CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, March 4th. 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 company. Based on data from MarketBeat.com, CubeSmart has an average rating of Hold and an average 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.