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 Q2 guidance to $0.63-0.65 EPS.

CubeSmart Price Performance

CUBE stock traded down $0.74 during trading on Thursday, reaching $41.38. 1,243,008 shares of the company were exchanged, compared to its average volume of 1,478,720. The company has a 50-day moving average of $43.83 and a two-hundred day moving average of $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 has a twelve month low of $33.17 and a twelve month high of $47.81. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Evercore ISI upped their price target 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. Jefferies Financial Group upgraded shares of CubeSmart from a hold rating to a buy rating and increased their price objective for the stock from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Barclays assumed coverage on shares of CubeSmart in a research note on Wednesday, March 27th. They set an equal weight rating and a $48.00 target price on the stock. Wells Fargo & Company increased their target price on shares of CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a research note on Friday, April 5th. Finally, Truist Financial increased their target price on shares of CubeSmart from $43.00 to $46.00 and gave the stock a hold rating in a research note on Thursday, December 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, CubeSmart currently has an average rating of Hold and an average target price 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.