CubeSmart (NYSE:CUBE) Releases Q3 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.660-0.680 for the period, compared to the consensus estimate of 0.670. The company issued revenue guidance of -. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CUBE. Wells Fargo & Company upped their price objective on CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a research report on Friday, July 26th. BMO Capital Markets lowered CubeSmart from an outperform rating to a market perform rating and cut their price objective for the stock from $50.00 to $47.00 in a research report on Wednesday, May 29th. Evercore ISI upped their price objective on CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research report on Monday, July 15th. Finally, Raymond James upped their price objective on CubeSmart from $48.00 to $50.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $46.36.

CubeSmart Stock Performance

NYSE CUBE traded up $0.22 during trading hours on Thursday, hitting $47.80. The company had a trading volume of 1,483,172 shares, compared to its average volume of 1,377,805. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. CubeSmart has a 1-year low of $33.17 and a 1-year high of $49.58. The company has a market cap of $10.75 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 8.43 and a beta of 0.80. The business has a 50 day moving average of $45.00 and a 200-day moving average of $44.08.

CubeSmart Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a $0.51 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 annualized dividend and a yield of 4.27%. CubeSmart’s dividend 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.