CubeSmart (NYSE:CUBE) Announces Quarterly Earnings Results, Misses Expectations By $0.23 EPS

CubeSmart (NYSE:CUBE) announced its quarterly earnings data on Thursday. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23), Zacks reports. CubeSmart had a net margin of 38.07% and a return on equity of 14.34%. The business had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. During the same period in the prior year, the company posted $0.66 EPS. The firm’s revenue was up 2.1% on a year-over-year basis.

CubeSmart Stock Up 1.9 %

CubeSmart stock traded up $0.91 during mid-day trading on Friday, reaching $48.72. 2,551,682 shares of the company’s stock were exchanged, compared to its average volume of 1,254,358. The company has a market cap of $10.96 billion, a P/E ratio of 27.07, a P/E/G ratio of 8.43 and a beta of 0.80. CubeSmart has a twelve month low of $33.17 and a twelve month high of $49.58. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average of $45.14 and a 200-day moving average of $44.09.

CubeSmart Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a yield of 4.19%. CubeSmart’s dividend payout ratio (DPR) is presently 113.33%.

Analysts Set New Price Targets

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

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.