CubeSmart (NYSE:CUBE) Issues Q2 Earnings Guidance

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

Wall Street Analyst Weigh In

Several research firms have weighed in on CUBE. Barclays began coverage on shares of CubeSmart in a report on Wednesday, March 27th. They set an equal weight rating and a $48.00 price objective on the stock. Wells Fargo & Company upped their price objective on shares of CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a report on Friday, April 5th. Evercore ISI upped their price objective on shares of CubeSmart from $43.00 to $45.00 and gave the stock an in-line rating in a report on Monday, March 4th. Deutsche Bank Aktiengesellschaft began coverage on shares of CubeSmart in a report on Tuesday, January 30th. They set a sell rating and a $40.00 price objective on the stock. Finally, Raymond James restated an outperform rating and set a $48.00 price objective on shares of CubeSmart in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $46.33.

CubeSmart Stock Down 1.5 %

Shares of CUBE stock traded down $0.62 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 business has a 50 day moving average of $43.70 and a 200 day moving average of $42.28. The stock has a market cap of $9.17 billion, a price-to-earnings ratio of 22.64 and a beta of 0.69. 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 has a 12-month low of $33.17 and a 12-month high of $47.81.

CubeSmart Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were issued a $0.51 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 5.00%. CubeSmart’s dividend payout ratio is currently 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.