CubeSmart (NYSE:CUBE) Updates FY 2024 Earnings Guidance

CubeSmart (NYSE:CUBE) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 2.620-2.660 for the period, compared to the consensus EPS estimate of 2.640. The company issued revenue guidance of -. CubeSmart also updated its FY24 guidance to $2.62-$2.66 EPS.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and raised their target price for the stock from $53.00 to $54.00 in a research report on Friday, September 13th. Evercore ISI raised their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Barclays reduced their target price on CubeSmart from $55.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday. Raymond James raised their target price on CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada began coverage on CubeSmart in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $51.73.

CubeSmart Stock Down 1.0 %

Shares of NYSE:CUBE traded down $0.47 during trading on Thursday, reaching $47.80. 1,881,721 shares of the stock traded hands, compared to its average volume of 1,349,804. CubeSmart has a 52-week low of $33.32 and a 52-week high of $55.14. The stock has a market cap of $10.76 billion, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 8.81 and a beta of 0.82. The stock has a 50-day moving average of $51.50 and a two-hundred day moving average of $47.04. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.03 and a current ratio of 0.03.

CubeSmart (NYSE:CUBE) last posted its earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The business had revenue of $266.20 million during the quarter, compared to the consensus estimate of $260.68 million. During the same period in the previous year, the business posted $0.66 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, sell-side analysts expect that CubeSmart will post 2.65 earnings per share for the current fiscal year.

Insider Activity at CubeSmart

In related news, COO Joel D. Keaton sold 43,478 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the transaction, the chief operating officer now owns 87,663 shares in the company, valued at $4,205,194.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $47.97, for a total value of $2,085,639.66. Following the transaction, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $47.30, for a total value of $366,054.70. Following the sale, the insider now owns 182,460 shares of the company’s stock, valued at approximately $8,630,358. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock valued at $4,244,344 over the last ninety days. Insiders own 1.68% of the company’s stock.

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.