Brokers Set Expectations for CubeSmart’s Q1 2024 Earnings (NYSE:CUBE)

CubeSmart (NYSE:CUBE – Get Rating) – Research analysts at KeyCorp issued their Q1 2024 earnings per share (EPS) estimates for CubeSmart in a report issued on Sunday, March 12th. KeyCorp analyst T. Thomas anticipates that the real estate investment trust will post earnings per share of $0.69 for the quarter. The consensus estimate for CubeSmart’s current full-year earnings is $2.71 per share. KeyCorp also issued estimates for CubeSmart’s Q2 2024 earnings at $0.72 EPS, Q3 2024 earnings at $0.72 EPS, Q4 2024 earnings at $0.72 EPS and FY2024 earnings at $2.86 EPS.

Several other brokerages have also commented on CUBE. Truist Financial raised their price objective on CubeSmart from $46.00 to $47.00 and gave the company a “hold” rating in a research report on Wednesday, March 8th. Wolfe Research started coverage on CubeSmart in a research report on Tuesday, January 17th. They set an “outperform” rating and a $48.00 price objective for the company. Raymond James lowered their price target on CubeSmart from $58.00 to $48.00 and set a “strong-buy” rating for the company in a research report on Monday, January 9th. Finally, Jefferies Financial Group lowered CubeSmart from a “buy” rating to a “hold” rating and lowered their price target for the stock from $47.00 to $41.00 in a research report on Monday, January 2nd. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $48.57.

CubeSmart Stock Performance

Shares of CubeSmart stock opened at $46.87 on Tuesday. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $10.53 billion, a P/E ratio of 36.62, a P/E/G ratio of 2.04 and a beta of 0.57. The business has a fifty day simple moving average of $44.58 and a two-hundred day simple moving average of $42.49. CubeSmart has a 12 month low of $36.82 and a 12 month high of $54.95.

Hedge Funds Weigh In On CubeSmart

Hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp grew its stake in shares of CubeSmart by 3.3% during the 2nd quarter. Mackenzie Financial Corp now owns 7,042 shares of the real estate investment trust’s stock valued at $301,000 after purchasing an additional 226 shares during the period. M&T Bank Corp grew its stake in shares of CubeSmart by 1.0% during the 3rd quarter. M&T Bank Corp now owns 25,747 shares of the real estate investment trust’s stock valued at $1,030,000 after purchasing an additional 257 shares during the period. Allworth Financial LP grew its stake in shares of CubeSmart by 60.7% during the 4th quarter. Allworth Financial LP now owns 715 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 270 shares during the period. Assetmark Inc. grew its stake in shares of CubeSmart by 10.9% during the 3rd quarter. Assetmark Inc. now owns 2,800 shares of the real estate investment trust’s stock valued at $112,000 after purchasing an additional 275 shares during the period. Finally, Toronto Dominion Bank grew its stake in shares of CubeSmart by 1.2% during the 3rd quarter. Toronto Dominion Bank now owns 23,796 shares of the real estate investment trust’s stock valued at $953,000 after purchasing an additional 278 shares during the period. Hedge funds and other institutional investors own 93.62% of the company’s stock.

CubeSmart Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 17th. Shareholders of record on Monday, April 3rd will be given a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Friday, March 31st. CubeSmart’s dividend payout ratio (DPR) is 151.94%.

About CubeSmart

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CubeSmart operates as a self-managed and self-administered real estate investment trust with its operations conducted solely through CubeSmart LP and its subsidiaries. It owns, operates, develops, manages, and acquires self-storage properties. The company was founded in July 2004 and is headquartered in Malvern, PA.