CubeSmart (NYSE:CUBE) Issues FY 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.590-2.690 for the period, compared to the consensus EPS estimate of 2.650. The company issued revenue guidance of -. CubeSmart also updated its FY24 guidance to $2.59-2.69 EPS.

Wall Street Analysts Forecast Growth

CUBE has been the subject of several research analyst reports. Evercore ISI boosted their target price on CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, March 4th. Jefferies Financial Group raised CubeSmart from a hold rating to a buy rating and boosted their target price for the stock from $38.00 to $53.00 in a research note on Tuesday, January 2nd. Truist Financial boosted their target price on CubeSmart from $43.00 to $46.00 and gave the stock a hold rating in a research note on Thursday, December 28th. Raymond James reissued an outperform rating and set a $48.00 target price on shares of CubeSmart in a research note on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a research note on Tuesday, January 30th. They issued a sell rating and a $40.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $46.33.

CubeSmart Stock Down 1.8 %

NYSE CUBE traded down $0.74 on Thursday, reaching $41.38. The company had a trading volume of 1,243,008 shares, compared to its average volume of 1,478,721. The stock has a market capitalization of $9.31 billion, a P/E ratio of 23.26 and a beta of 0.69. The company’s fifty day moving average is $43.83 and its 200 day moving average is $42.27. CubeSmart has a 52-week low of $33.17 and a 52-week high of $47.81. 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 Announces Dividend

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

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.