CubeSmart (NYSE:CUBE) Issues FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY24 earnings guidance on Thursday. 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.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Evercore ISI raised their price objective on CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a research report on Monday, March 4th. Wells Fargo & Company raised their price objective on CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a research report on Friday, April 5th. Raymond James reissued an outperform rating and set a $48.00 price objective on shares of CubeSmart in a research report on Thursday, March 28th. Barclays began coverage on CubeSmart in a research report on Wednesday, March 27th. They issued an equal weight rating and a $48.00 target price for the company. Finally, Jefferies Financial Group raised shares of CubeSmart from a hold rating to a buy rating and increased their price target for the stock from $38.00 to $53.00 in a research report on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $46.33.

CubeSmart Stock Down 1.5 %

Shares of CubeSmart stock traded down $0.62 on Friday, reaching $40.76. 1,165,289 shares of the company were exchanged, compared to its average volume of 1,216,967. The stock’s 50 day moving average price is $43.70 and its 200-day moving average price is $42.28. 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 has a 1-year low of $33.17 and a 1-year high of $47.81. The company has a market cap of $9.17 billion, a P/E ratio of 22.64 and a beta of 0.69.

CubeSmart Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 5.00%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

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.