CubeSmart (NYSE:CUBE) Updates FY24 Earnings Guidance

by · The Markets Daily

CubeSmart (NYSE:CUBE – Get Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.62-$2.66 for the period, compared to the consensus earnings per share estimate of $2.64. CubeSmart also updated its FY 2024 guidance to 2.620-2.660 EPS.

CubeSmart Stock Performance

CUBE stock traded down $0.51 during trading on Friday, reaching $47.33. 1,675,756 shares of the stock were exchanged, compared to its average volume of 1,407,238. CubeSmart has a twelve month low of $34.51 and a twelve month high of $55.14. The company has a market capitalization of $10.66 billion, a P/E ratio of 26.74, a price-to-earnings-growth ratio of 8.73 and a beta of 0.84. The stock has a 50 day simple moving average of $51.36 and a 200-day simple moving average of $47.11. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 1.03.

CubeSmart (NYSE:CUBE – Get Free Report) last announced its quarterly 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). The business had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 EPS. As a group, sell-side analysts anticipate that CubeSmart will post 2.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on CUBE shares. Scotiabank started coverage on shares of CubeSmart in a research note on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 price target for the company. Barclays cut their price target on shares of CubeSmart from $55.00 to $54.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and raised their price target for the stock from $53.00 to $54.00 in a research note on Friday, September 13th. Raymond James raised their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada assumed coverage on shares of CubeSmart in a research note on Tuesday, September 10th. They set an “outperform” rating and a $56.00 price target for the company. 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. According to data from MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and an average target price of $51.73.

Get Our Latest Stock Report on CUBE

Insider Activity

In related news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. 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 available at the SEC website. In related news, CEO Christopher P. Marr sold 37,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total value of $1,792,650.00. Following the completion of the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. 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 available at the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the firm’s 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 completion of the sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 88,217 shares of company stock worth $4,244,344. Insiders own 1.68% of the company’s stock.

About CubeSmart

(Get Free Report)

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.

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