Centerspace (NYSE:CSR) Releases Earnings Results, Misses Expectations By $1.49 EPS

Centerspace (NYSE:CSR) released its earnings results on Monday. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($1.49), Yahoo Finance reports. The company had revenue of $64.51 million for the quarter, compared to the consensus estimate of $65.30 million. Centerspace had a return on equity of 4.76% and a net margin of 15.81%. During the same quarter in the previous year, the company posted $1.07 EPS. Centerspace updated its FY 2024 guidance to 4.740-4.920 EPS.

Centerspace Stock Performance

Shares of NYSE CSR traded down $1.02 during mid-day trading on Tuesday, reaching $63.70. 1,695 shares of the company were exchanged, compared to its average volume of 79,379. The stock has a market capitalization of $948.49 million, a P/E ratio of 27.78, a P/E/G ratio of 1.95 and a beta of 0.93. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.74. The company’s 50-day simple moving average is $58.32 and its 200-day simple moving average is $55.91. Centerspace has a twelve month low of $46.74 and a twelve month high of $66.99.

Centerspace Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Thursday, March 28th were given a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Centerspace’s previous quarterly dividend of $0.73. This represents a $3.00 annualized dividend and a dividend yield of 4.71%. Centerspace’s dividend payout ratio is presently 128.76%.

Insider Activity at Centerspace

In other news, Director John A. Schissel purchased 500 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was acquired at an average cost of $56.40 per share, with a total value of $28,200.00. Following the acquisition, the director now owns 9,522 shares in the company, valued at approximately $537,040.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.92% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on CSR. Piper Sandler reissued a “neutral” rating and issued a $63.00 price objective on shares of Centerspace in a report on Tuesday, March 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $63.00 price target on shares of Centerspace in a research note on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.57.

About Centerspace

Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, as of September 30, 2023, Centerspace owned interests in 71 apartment communities consisting of 12,785 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.