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.

CubeSmart Trading Down 1.5 %

CUBE traded down $0.62 during mid-day trading on Friday, hitting $40.76. The stock had a trading volume of 1,165,289 shares, compared to its average volume of 1,216,967. The stock’s fifty day simple moving average is $43.70 and its 200-day simple moving average is $42.28. The firm has a market capitalization of $9.17 billion, a price-to-earnings ratio of 22.64 and a beta of 0.69. CubeSmart has a 1-year low of $33.17 and a 1-year high of $47.81. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.04 and a quick ratio of 0.04.

CubeSmart Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Evercore ISI boosted their price objective on CubeSmart from $43.00 to $45.00 and gave the company an in-line rating in a research report on Monday, March 4th. Barclays initiated coverage on shares of CubeSmart in a report on Wednesday, March 27th. They issued an equal weight rating and a $48.00 price target for the company. Deutsche Bank Aktiengesellschaft began coverage on CubeSmart in a report on Tuesday, January 30th. They set a sell rating and a $40.00 target price for the company. Jefferies Financial Group upgraded CubeSmart from a hold rating to a buy rating and boosted their price target for the company from $38.00 to $53.00 in a report on Tuesday, January 2nd. Finally, Raymond James reiterated an outperform rating and set a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $46.33.

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.