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.

CubeSmart Price Performance

NYSE:CUBE traded down $0.62 during trading hours on Friday, reaching $40.76. The stock had a trading volume of 1,165,289 shares, compared to its average volume of 1,216,967. The stock has a market capitalization of $9.17 billion, a PE ratio of 22.64 and a beta of 0.69. CubeSmart has a 52 week low of $33.17 and a 52 week high of $47.81. The company has a 50 day moving average price of $43.70 and a two-hundred day moving average price of $42.31. 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 firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders 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 yield of 5.00%. CubeSmart’s dividend payout ratio (DPR) is currently 113.33%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Barclays began 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. Jefferies Financial Group upgraded CubeSmart from a hold rating to a buy rating and upped their price objective for the company from $38.00 to $53.00 in a research report on Tuesday, January 2nd. Wells Fargo & Company lifted their target price on CubeSmart from $42.00 to $46.00 and gave the stock an equal weight rating in a report on Friday, April 5th. Raymond James reaffirmed an outperform rating and set a $48.00 price objective on shares of CubeSmart in a research note on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of CubeSmart in a research note on Tuesday, January 30th. They issued a sell rating and a $40.00 target price on the stock. 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 company. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price 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.