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

CubeSmart (NYSE:CUBE) – KeyCorp issued their Q3 2024 earnings per share (EPS) estimates for CubeSmart in a research report issued on Sunday, September 8th. KeyCorp analyst T. Thomas expects 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 released its quarterly earnings data 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). CubeSmart had a net margin of 38.07% and a return on equity of 14.37%. The firm had revenue of $266.20 million during the quarter, compared to analyst estimates of $260.68 million. During the same period in the prior year, the company earned $0.66 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year.

Several other brokerages have also issued reports on CUBE. Barclays upped their target price on CubeSmart from $48.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 22nd. Royal Bank of Canada started coverage on shares of CubeSmart in a report on Tuesday. They issued an “outperform” rating and a $56.00 price target on the stock. Truist Financial increased their target price on CubeSmart from $44.00 to $50.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Wells Fargo & Company boosted their price objective on shares of CubeSmart from $46.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, July 26th. Finally, BMO Capital Markets cut CubeSmart from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $50.00 to $47.00 in a research note on Wednesday, May 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $49.33.

CubeSmart Stock Down 0.4 %

CubeSmart stock opened at $53.28 on Wednesday. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The firm has a 50 day moving average price of $48.82 and a 200-day moving average price of $45.29. CubeSmart has a twelve month low of $33.17 and a twelve month high of $53.80. The company has a market capitalization of $12.00 billion, a P/E ratio of 29.60, a P/E/G ratio of 9.48 and a beta of 0.82.

Institutional Investors Weigh In On CubeSmart

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in CubeSmart by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 31,917,644 shares of the real estate investment trust’s stock worth $1,443,316,000 after acquiring an additional 274,493 shares during the period. Norges Bank acquired a new position in CubeSmart in the fourth quarter valued at $444,818,000. Price T Rowe Associates Inc. MD lifted its position in CubeSmart by 26.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,687,536 shares of the real estate investment trust’s stock worth $257,191,000 after buying an additional 1,205,097 shares during the period. Allspring Global Investments Holdings LLC lifted its position in CubeSmart by 16.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,465,184 shares of the real estate investment trust’s stock worth $201,692,000 after buying an additional 615,035 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in CubeSmart by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,379,516 shares of the real estate investment trust’s stock worth $152,652,000 after buying an additional 169,600 shares during the last quarter. Institutional investors and hedge funds own 97.61% of the company’s stock.

Insider Buying and Selling at CubeSmart

In other news, CEO Christopher P. Marr sold 37,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 576,836 shares of the company’s stock, valued at $27,947,704.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Joel D. Keaton sold 43,478 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was 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 owns 87,663 shares of the company’s stock, valued at approximately $4,205,194.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher P. Marr sold 37,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. The disclosure for this sale can be found here. Insiders sold a total of 88,217 shares of company stock worth $4,244,344 over the last three months. Insiders own 1.68% of the company’s stock.

CubeSmart Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 3.83%. The ex-dividend date is Tuesday, October 1st. CubeSmart’s dividend payout ratio (DPR) is presently 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.