CubeSmart (NYSE:CUBE) Issues Quarterly Earnings Results

Key Points

• CubeSmart exceeded quarterly earnings expectations, reporting EPS of $0.66 versus the $0.65 analyst consensus. Revenue increased 3.1% year over year, while net margin was 29.41%.
• CubeSmart shares rose $0.73 to $41.06 in Thursday trading, giving the company a market capitalization of approximately $9.25 billion.
• Analyst sentiment remains mixed, with six Buy ratings and eight Holds; the consensus rating is Hold with an average price target of $42.73.

CubeSmart (NYSE:CUBE - Get Free Report) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.01, Zacks reports. CubeSmart had a return on equity of 12.35% and a net margin of 29.41%. The company's quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the company posted $0.65 earnings per share.

CubeSmart Stock Performance

Shares of NYSE CUBE traded up $0.73 during mid-day trading on Thursday, hitting $41.06. The company had a trading volume of 2,203,598 shares, compared to its average volume of 2,293,260. The stock's 50-day moving average price is $39.14 and its 200-day moving average price is $39.54. The company has a market capitalization of $9.25 billion, a price-to-earnings ratio of 28.32, a P/E/G ratio of 6.79 and a beta of 1.05. CubeSmart has a 1 year low of $35.09 and a 1 year high of $43.26. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.34.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of CubeSmart in a research report on Tuesday, October 13th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $47.00 price objective on shares of CubeSmart in a research report on Tuesday, August 4th. Barclays raised shares of CubeSmart from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $45.00 to $46.00 in a research report on Friday, July 10th. Evercore set a $46.00 target price on shares of CubeSmart in a report on Monday, September 21st. Finally, Truist Financial began coverage on CubeSmart in a research note on Friday, October 2nd. They set a "buy" rating and a $41.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $42.73.

About CubeSmart

CubeSmart NYSE: CUBE is a self-administered and self-managed real estate investment trust that owns, operates and manages self-storage facilities in the United States. The company provides storage space for households, businesses and other customers through a portfolio serving metropolitan areas and communities across the country.

Its facilities offer a range of storage options, including traditional and climate-controlled units, as well as space for vehicles, boats and recreational vehicles at select locations.