CubeSmart (NYSE:CUBE) Updates Q3 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.66-0.68 for the period, compared to the consensus earnings per share estimate of $0.67. CubeSmart also updated its FY 2024 guidance to 2.610-2.670 EPS.

CubeSmart Price Performance

CubeSmart stock traded up $0.91 during mid-day trading on Friday, hitting $48.72. The stock had a trading volume of 2,551,682 shares, compared to its average volume of 1,254,358. CubeSmart has a one year low of $33.17 and a one year high of $49.58. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.04. The firm has a market capitalization 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. The firm’s 50 day moving average is $45.14 and its 200 day moving average is $44.09.

CubeSmart Announces Dividend

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

Analysts Set New Price Targets

CUBE has been the topic of several recent analyst reports. BMO Capital Markets cut shares of CubeSmart from an outperform rating to a market perform rating and reduced their price objective for the company from $50.00 to $47.00 in a research report on Wednesday, May 29th. Evercore ISI boosted their price target on shares of CubeSmart from $44.00 to $45.00 and gave the stock an in-line rating in a research note on Monday, July 15th. Raymond James increased their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the company an outperform rating in a report on Tuesday, July 23rd. Finally, Wells Fargo & Company lifted their target price on CubeSmart from $46.00 to $48.00 and gave the stock an equal weight rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $46.36.

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.