CubeSmart (NYSE:CUBE) Issues FY 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.590-2.690 for the period, compared to the consensus EPS estimate of 2.650. The company issued revenue guidance of -. CubeSmart also updated its FY24 guidance to $2.59-2.69 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CUBE shares. Evercore ISI upped their price target on CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a report on Monday, March 4th. Jefferies Financial Group raised CubeSmart from a hold rating to a buy rating and upped their price target for the stock from $38.00 to $53.00 in a report on Tuesday, January 2nd. Truist Financial upped their price target on CubeSmart from $43.00 to $46.00 and gave the stock a hold rating in a report on Thursday, December 28th. Deutsche Bank Aktiengesellschaft initiated coverage on CubeSmart in a report on Tuesday, January 30th. They issued a sell rating and a $40.00 price target for the company. Finally, Barclays initiated coverage on CubeSmart in a report on Wednesday, March 27th. They set an equal weight rating and a $48.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $46.33.

CubeSmart Stock Performance

Shares of CUBE stock traded down $0.74 during mid-day trading on Thursday, hitting $41.38. 1,243,008 shares of the stock were exchanged, compared to its average volume of 1,478,721. The stock’s fifty day simple moving average is $43.83 and its two-hundred day simple moving average is $42.27. The stock has a market capitalization of $9.31 billion, a price-to-earnings ratio of 23.26 and a beta of 0.69. CubeSmart has a 12-month low of $33.17 and a 12-month high of $47.81. 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 Announces Dividend

The company also recently disclosed 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 dividend yield of 4.93%. The ex-dividend date of this dividend was Thursday, March 28th. CubeSmart’s payout ratio is 112.71%.

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.