CubeSmart (NYSE:CUBE) Issues FY24 Earnings Guidance

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

CubeSmart Price Performance

Shares of NYSE CUBE traded down $0.51 during midday trading on Friday, reaching $47.33. The stock had a trading volume of 1,675,756 shares, compared to its average volume of 1,407,238. The stock has a 50-day moving average of $51.36 and a 200-day moving average of $47.11. 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 has a market capitalization of $10.66 billion, a price-to-earnings ratio of 26.74, a price-to-earnings-growth ratio of 8.73 and a beta of 0.84. CubeSmart has a 12-month low of $34.51 and a 12-month high of $55.14.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.23). CubeSmart had a return on equity of 14.33% and a net margin of 37.79%. The firm had revenue of $266.20 million during the quarter, compared to analysts’ expectations of $260.68 million. During the same period last year, the company earned $0.66 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, research analysts anticipate that CubeSmart will post 2.65 EPS for the current fiscal year.

Analyst Ratings Changes

CUBE has been the subject of a number of research reports. Wells Fargo & Company upped their target price on shares of CubeSmart from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Truist Financial upped their target price on shares of CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Evercore ISI boosted their target price 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. Scotiabank began 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. Finally, Jefferies Financial Group lifted 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. One equities 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 stock. According to data from MarketBeat.com, CubeSmart currently has a consensus rating of “Hold” and a consensus target price of $51.73.

Insider Buying and Selling at CubeSmart

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