CubeSmart (NYSE:CUBE) Updates FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.59-2.69 for the period, compared to the consensus earnings per share estimate of $2.65. CubeSmart also updated its FY 2024 guidance to 2.590-2.690 EPS.

CubeSmart Stock Performance

NYSE CUBE traded down $0.62 during midday trading on Friday, hitting $40.76. The company had a trading volume of 1,165,289 shares, compared to its average volume of 1,216,967. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.04. 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 firm has a fifty day simple moving average of $43.70 and a two-hundred day simple moving average of $42.28. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $47.81.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were given a dividend of $0.51 per share. The ex-dividend date was Thursday, March 28th. This represents a $2.04 annualized dividend and a dividend yield of 5.00%. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Analysts Set New Price Targets

CUBE has been the topic of several recent research reports. Barclays initiated coverage on shares of CubeSmart in a research report on Wednesday, March 27th. They set an equal weight rating and a $48.00 target price on the stock. Evercore ISI lifted their target price 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. Wells Fargo & Company lifted their target price on shares of CubeSmart from $42.00 to $46.00 and gave the company an equal weight rating in a research report on Friday, April 5th. Jefferies Financial Group upgraded shares of 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 research report on Tuesday, January 2nd. Finally, Raymond James restated an outperform rating and issued a $48.00 price target on shares of CubeSmart in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, CubeSmart currently has an average rating of Hold and an average price target of $46.33.

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.