Centerspace (NYSE:CSR) Updates FY 2024 Earnings Guidance

Centerspace (NYSE:CSR) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 4.740-4.920 for the period, compared to the consensus earnings per share estimate of 4.780. The company issued revenue guidance of -.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CSR. Royal Bank of Canada reaffirmed an outperform rating and set a $63.00 price target on shares of Centerspace in a research note on Friday, March 22nd. Piper Sandler reissued a neutral rating and issued a $63.00 target price on shares of Centerspace in a research note on Tuesday, March 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $65.57.

Centerspace Stock Up 0.4 %

Shares of NYSE:CSR traded up $0.24 during midday trading on Tuesday, hitting $64.96. The stock had a trading volume of 14,881 shares, compared to its average volume of 79,540. The business’s 50-day simple moving average is $58.32 and its 200-day simple moving average is $55.91. Centerspace has a 12 month low of $46.74 and a 12 month high of $66.99. The company has a market cap of $967.25 million, a P/E ratio of 27.78, a PEG 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.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Monday, April 29th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($1.49). Centerspace had a net margin of 15.81% and a return on equity of 4.76%. The business had revenue of $64.51 million for the quarter, compared to analyst estimates of $65.30 million. During the same period in the prior year, the business earned $1.07 EPS. On average, sell-side analysts forecast that Centerspace will post 4.74 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.75 per share. This is an increase from Centerspace’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.00 annualized dividend and a yield of 4.62%. Centerspace’s dividend payout ratio (DPR) is currently 128.76%.

Insider Buying and Selling at Centerspace

In other Centerspace news, Director John A. Schissel purchased 500 shares of the business’s stock in a transaction on Monday, March 11th. The stock was acquired at an average price of $56.40 per share, with a total value of $28,200.00. Following the acquisition, the director now directly owns 9,522 shares of the company’s stock, valued at approximately $537,040.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.92% of the company’s stock.

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.