CubeSmart (NYSE:CUBE) to Post Q3 2024 Earnings of $0.68 Per Share, KeyCorp Forecasts

CubeSmart (NYSE:CUBE) – Stock analysts at KeyCorp issued their Q3 2024 earnings estimates for CubeSmart in a report issued on Sunday, September 8th. KeyCorp analyst T. Thomas anticipates that the real estate investment trust will post earnings per share of $0.68 for the quarter. The consensus estimate for CubeSmart’s current full-year earnings is $2.64 per share. KeyCorp also issued estimates for CubeSmart’s Q4 2024 earnings at $0.68 EPS, FY2024 earnings at $2.64 EPS, Q1 2025 earnings at $0.66 EPS, Q2 2025 earnings at $0.68 EPS, Q3 2025 earnings at $0.71 EPS, Q4 2025 earnings at $0.70 EPS and FY2025 earnings at $2.75 EPS.

CubeSmart (NYSE:CUBE) last announced its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company 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 14.37% and a net margin of 38.07%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.66 EPS.

CUBE has been the subject of a number of other research reports. Royal Bank of Canada assumed coverage on CubeSmart in a research note on Tuesday. They issued an “outperform” rating and a $56.00 price objective for the company. Barclays raised their price objective on shares of CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Raymond James boosted their target price on shares of CubeSmart from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. BMO Capital Markets lowered shares of CubeSmart from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. Finally, Truist Financial upped their price objective on CubeSmart from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $49.33.

CubeSmart Price Performance

CubeSmart stock opened at $53.92 on Wednesday. CubeSmart has a 52 week low of $33.17 and a 52 week high of $54.00. The company’s 50 day moving average price is $49.01 and its two-hundred day moving average price is $45.35. The stock has a market cap of $12.14 billion, a P/E ratio of 29.96, a P/E/G ratio of 9.48 and a beta of 0.82. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03.

Hedge Funds Weigh In On CubeSmart

Institutional investors have recently bought and sold shares of the stock. Whittier Trust Co. increased its position in CubeSmart by 136.9% in the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 323 shares in the last quarter. Rise Advisors LLC bought a new stake in CubeSmart during the 1st quarter worth approximately $26,000. Mather Group LLC. purchased a new position in CubeSmart during the first quarter valued at approximately $26,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of CubeSmart during the 2nd quarter valued at $33,000. Finally, Larson Financial Group LLC purchased a new position in shares of CubeSmart during the 1st quarter valued at $45,000. 97.61% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, COO Joel D. Keaton sold 43,478 shares of CubeSmart 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 directly owns 87,663 shares in the company, valued at $4,205,194.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other CubeSmart news, insider Jeffrey P. Foster sold 7,739 shares of the firm’s stock in a transaction dated 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 directly owns 182,460 shares of the company’s stock, valued at $8,630,358. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Joel D. Keaton sold 43,478 shares of the company’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,217 shares of company stock worth $4,244,344. 1.68% of the stock is owned by corporate insiders.

CubeSmart Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Tuesday, October 1st. CubeSmart’s payout ratio is currently 113.33%.

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.