CubeSmart (NYSE:CUBE) Issues Q2 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Jefferies Financial Group upgraded CubeSmart from a hold rating to a buy rating and upped their target price for the stock from $38.00 to $53.00 in a report on Tuesday, January 2nd. Raymond James restated an outperform rating and issued a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Barclays assumed coverage on CubeSmart in a research note on Wednesday, March 27th. They issued an equal weight rating and a $48.00 price objective on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on CubeSmart in a research note on Tuesday, January 30th. They issued a sell rating and a $40.00 price objective on the stock. Finally, Wells Fargo & Company upped their price objective on CubeSmart from $42.00 to $46.00 and gave the company an equal weight rating in a research note on Friday, April 5th. One equities 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 company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $46.33.

CubeSmart Price Performance

NYSE:CUBE traded down $0.62 during trading hours on Friday, reaching $40.76. 1,165,289 shares of the company were exchanged, compared to its average volume of 1,216,967. The company has a market capitalization of $9.17 billion, a P/E ratio of 22.64 and a beta of 0.69. CubeSmart has a 1-year low of $33.17 and a 1-year 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. The business has a 50 day moving average of $43.70 and a 200 day moving average of $42.28.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 1st were paid 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 payout ratio is presently 113.33%.

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.