$0.40 Earnings Per Share Expected for CubeSmart (CUBE) This Quarter
Equities research analysts forecast that CubeSmart (NYSE:CUBE) will post $0.40 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Six analysts have provided estimates for CubeSmart’s earnings. The lowest EPS estimate is $0.38 and the highest is $0.41. CubeSmart posted earnings per share of $0.13 in the same quarter last year, which suggests a positive year over year growth rate of 207.7%. The company is expected to issue its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that CubeSmart will report full-year earnings of $1.54 per share for the current financial year, with EPS estimates ranging from $1.52 to $1.56. For the next year, analysts expect that the firm will report earnings of $1.61 per share, with EPS estimates ranging from $1.55 to $1.64. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that follow CubeSmart.
CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. CubeSmart had a net margin of 20.36% and a return on equity of 6.65%. The firm had revenue of $138.60 million during the quarter, compared to analyst estimates of $138.07 million. During the same quarter in the prior year, the firm earned $0.36 EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year.
Several brokerages recently weighed in on CUBE. BidaskClub upgraded CubeSmart from a “sell” rating to a “hold” rating in a research report on Saturday, September 16th. Evercore ISI reaffirmed an “outperform” rating and issued a $28.00 price target (up from $27.00) on shares of CubeSmart in a research note on Thursday, September 14th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $27.00 price target on shares of CubeSmart in a research note on Monday, September 11th. Raymond James Financial, Inc. lowered CubeSmart from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 30th. Finally, UBS AG lowered CubeSmart from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 30th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. CubeSmart currently has an average rating of “Hold” and an average price target of $28.29.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in CubeSmart by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 27,937,327 shares of the real estate investment trust’s stock worth $725,254,000 after purchasing an additional 735,099 shares during the period. BlackRock Inc. increased its holdings in CubeSmart by 5.4% during the 2nd quarter. BlackRock Inc. now owns 12,780,418 shares of the real estate investment trust’s stock worth $307,242,000 after purchasing an additional 650,691 shares during the period. Bank of New York Mellon Corp increased its holdings in CubeSmart by 12.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,672,676 shares of the real estate investment trust’s stock worth $280,612,000 after purchasing an additional 1,335,665 shares during the period. Lasalle Investment Management Securities LLC increased its holdings in CubeSmart by 5.9% during the 2nd quarter. Lasalle Investment Management Securities LLC now owns 10,264,646 shares of the real estate investment trust’s stock worth $246,762,000 after purchasing an additional 569,240 shares during the period. Finally, Cbre Clarion Securities LLC increased its holdings in CubeSmart by 62.1% during the 2nd quarter. Cbre Clarion Securities LLC now owns 6,324,509 shares of the real estate investment trust’s stock worth $152,041,000 after purchasing an additional 2,423,464 shares during the period.
CubeSmart (NYSE CUBE) opened at 25.96 on Friday. The company has a market capitalization of $4.68 billion, a P/E ratio of 44.84 and a beta of 0.19. CubeSmart has a 52 week low of $22.83 and a 52 week high of $28.06. The company’s 50 day moving average price is $25.49 and its 200-day moving average price is $25.15.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Monday, October 2nd will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, September 29th. This represents a $1.08 annualized dividend and a yield of 4.16%. CubeSmart’s dividend payout ratio (DPR) is 186.21%.
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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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