CubeSmart (NYSE:CUBE) Releases FY 2024 Earnings Guidance

by · The Markets Daily

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

CubeSmart Stock Performance

NYSE CUBE traded down $0.47 during trading on Thursday, hitting $47.80. 1,881,721 shares of the company’s stock traded hands, compared to its average volume of 1,349,804. 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 stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 26.88, a PEG ratio of 8.81 and a beta of 0.82. CubeSmart has a 12-month low of $33.32 and a 12-month high of $55.14. The business has a 50 day moving average of $51.50 and a 200-day moving average of $47.04.

CubeSmart (NYSE:CUBE – Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 EPS for the quarter, missing the consensus estimate 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 last year, the business posted $0.66 earnings per share. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities research analysts anticipate that CubeSmart will post 2.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CUBE shares. Truist Financial raised their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Jefferies Financial Group boosted their price objective on shares of CubeSmart from $53.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. UBS Group cut shares of CubeSmart from a “buy” rating to a “neutral” rating and increased their target price 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 company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Wells Fargo & Company upped their price target on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $51.73.

View Our Latest Analysis on CubeSmart

Insider Buying and Selling at CubeSmart

In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 182,460 shares in the company, valued at $8,630,358. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the business’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 value of $2,085,639.66. Following the completion of the sale, the chief operating officer now owns 87,663 shares of the company’s stock, valued at $4,205,194.11. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 88,217 shares of company stock worth $4,244,344 over the last 90 days. Corporate 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.

Recommended Stories