CubeSmart (NYSE:CUBE) Updates FY24 Earnings Guidance

CubeSmart (NYSE:CUBE) updated its FY24 earnings guidance on Thursday. 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group increased their price target on CubeSmart from $53.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Scotiabank started coverage on shares of CubeSmart in a research report on Thursday, August 22nd. They set a “sector outperform” rating and a $53.00 target price on the stock. Royal Bank of Canada assumed coverage on shares of CubeSmart in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $56.00 price target for the company. Evercore ISI increased their price objective on shares of CubeSmart from $52.00 to $53.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Finally, Wells Fargo & Company boosted their price objective on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CubeSmart presently has an average rating of “Hold” and an average target price of $51.73.

CubeSmart Stock Performance

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

CubeSmart (NYSE:CUBE) last posted its quarterly earnings data 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 company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $260.68 million. CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.66 EPS. On average, equities research analysts forecast that CubeSmart will post 2.65 EPS for the current fiscal year.

Insider Transactions at CubeSmart

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 stock was sold at an average price of $48.45, for a total value of $1,792,650.00. Following the sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at approximately $27,947,704.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Jeffrey P. Foster sold 7,739 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $47.30, for a total transaction of $366,054.70. Following the sale, the insider now directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The trade was 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 this link. Also, CEO Christopher P. Marr sold 37,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at approximately $27,947,704.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,217 shares of company stock valued at $4,244,344. Insiders own 1.68% of the company’s stock.

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.