Centerspace (NYSE:CSR) Releases Quarterly Earnings Results, Misses Estimates By $1.57 EPS

Centerspace (NYSE:CSR) released its quarterly earnings results on Monday. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($1.57), Zacks reports. The business had revenue of $65.03 million for the quarter, compared to the consensus estimate of $66.35 million. Centerspace had a negative net margin of 2.16% and a negative return on equity of 0.67%. During the same period in the previous year, the business posted $1.20 EPS. Centerspace updated its FY 2024 guidance to 4.820-4.900 EPS.

Centerspace Stock Up 2.6 %

CSR traded up $1.77 during midday trading on Wednesday, hitting $70.88. The company had a trading volume of 293,905 shares, compared to its average volume of 105,334. Centerspace has a 52 week low of $46.76 and a 52 week high of $76.16. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -44.02, a PEG ratio of 2.07 and a beta of 0.89. The stock’s 50 day moving average price is $72.37 and its 200 day moving average price is $69.93.

Centerspace Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 30th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 4.23%. The ex-dividend date of this dividend was Monday, September 30th. Centerspace’s dividend payout ratio (DPR) is currently -186.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Raymond James downgraded shares of Centerspace from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Piper Sandler lifted their target price on shares of Centerspace from $64.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. BTIG Research lifted their target price on shares of Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $76.00 target price on shares of Centerspace in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Centerspace presently has a consensus rating of “Hold” and a consensus target price of $76.00.

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.