$140.07 Million in Sales Expected for CubeSmart (CUBE) This Quarter
Equities analysts forecast that CubeSmart (NYSE:CUBE) will announce sales of $140.07 million for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for CubeSmart’s earnings. The lowest sales estimate is $137.82 million and the highest is $142.60 million. CubeSmart posted sales of $132.10 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 6%. The business is expected to announce its next earnings report on Thursday, October 26th.
According to Zacks, analysts expect that CubeSmart will report full year sales of $140.07 million for the current fiscal year, with estimates ranging from $538.68 million to $557.20 million. For the next year, analysts forecast that the business will post sales of $583.88 million per share, with estimates ranging from $559.20 million to $611.11 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow CubeSmart.
CubeSmart (NYSE:CUBE) last issued its quarterly earnings data on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.01. CubeSmart had a return on equity of 6.65% and a net margin of 20.36%. The company had revenue of $138.60 million during the quarter, compared to the consensus estimate of $138.07 million. During the same period last year, the company earned $0.36 earnings per share. The firm’s revenue was up 9.6% compared to the same quarter last year.
A number of equities research analysts have recently weighed in on the company. BidaskClub raised CubeSmart from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research lowered CubeSmart from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Evercore ISI reissued an “outperform” rating and issued a $28.00 target price (up previously from $27.00) on shares of CubeSmart in a research note on Thursday, September 14th. Raymond James Financial, Inc. lowered CubeSmart from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 30th. Finally, KeyCorp reissued a “hold” rating on shares of CubeSmart in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $28.25.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue raised its position in CubeSmart by 32.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 118,110 shares of the real estate investment trust’s stock valued at $2,838,000 after purchasing an additional 29,010 shares during the last quarter. State Street Corp raised its position in CubeSmart by 1.9% during the 1st quarter. State Street Corp now owns 5,583,913 shares of the real estate investment trust’s stock valued at $144,956,000 after purchasing an additional 101,843 shares during the last quarter. Westpac Banking Corp raised its position in CubeSmart by 36.9% during the 1st quarter. Westpac Banking Corp now owns 531,577 shares of the real estate investment trust’s stock valued at $16,587,000 after purchasing an additional 143,258 shares during the last quarter. Paloma Partners Management Co bought a new position in CubeSmart during the 1st quarter valued at approximately $557,000. Finally, Schwab Charles Investment Management Inc. raised its position in CubeSmart by 10.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,782,647 shares of the real estate investment trust’s stock valued at $42,855,000 after purchasing an additional 168,284 shares during the last quarter.
CubeSmart (NYSE CUBE) opened at 26.34 on Tuesday. The stock’s 50 day moving average price is $24.87 and its 200-day moving average price is $25.17. The company has a market capitalization of $4.75 billion, a P/E ratio of 45.49 and a beta of 0.17. CubeSmart has a 12 month low of $22.83 and a 12 month high of $28.47.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend is Friday, September 29th. CubeSmart’s payout ratio is 186.21%.
CubeSmart Company Profile
CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.
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