CubeSmart (NYSE:CUBE) Releases Q2 Earnings Guidance

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

Analyst Ratings Changes

Several research firms have issued reports on CUBE. Evercore ISI boosted their price objective on shares of CubeSmart from $43.00 to $45.00 and gave the company an in-line rating in a research report on Monday, March 4th. Jefferies Financial Group raised shares of 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 research report on Tuesday, January 2nd. Raymond James reaffirmed an outperform rating and issued a $48.00 price target on shares of CubeSmart in a research report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of CubeSmart in a research report on Tuesday, January 30th. They issued a sell rating and a $40.00 price target for the company. Finally, Barclays assumed coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They issued an equal weight rating and a $48.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $46.33.

CubeSmart Stock Down 1.5 %

NYSE:CUBE traded down $0.62 during midday trading on Friday, reaching $40.76. 1,165,289 shares of the stock traded hands, compared to its average volume of 1,216,967. CubeSmart has a 12-month low of $33.17 and a 12-month high of $47.81. The business has a 50-day moving average of $43.70 and a two-hundred day moving average of $42.28. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.04 and a current ratio of 0.04. The stock has a market capitalization of $9.17 billion, a PE ratio of 22.64 and a beta of 0.69.

CubeSmart Dividend Announcement

The business also recently declared 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. The ex-dividend date was Thursday, March 28th. This represents a $2.04 dividend on an annualized basis and a yield of 5.00%. CubeSmart’s payout ratio is 113.33%.

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.