Centerspace (NYSE:CSR) Announces Earnings Results, Misses Estimates By $1.49 EPS

Centerspace (NYSE:CSR) released its quarterly earnings results on Monday. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $1.12 by ($1.49), Yahoo Finance reports. Centerspace had a negative net margin of 2.38% and a negative return on equity of 0.72%. The company had revenue of $64.51 million during the quarter, compared to the consensus estimate of $65.30 million. During the same period in the prior year, the company earned $1.07 earnings per share. Centerspace updated its FY 2024 guidance to 4.740-4.920 EPS.

Centerspace Price Performance

NYSE:CSR opened at $67.32 on Wednesday. Centerspace has a fifty-two week low of $46.74 and a fifty-two week high of $67.87. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 0.74. The stock has a fifty day moving average price of $58.32 and a 200-day moving average price of $55.91.

Centerspace Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Thursday, March 28th were issued a $0.75 dividend. The ex-dividend date was Wednesday, March 27th. This is a boost from Centerspace’s previous quarterly dividend of $0.73. This represents a $3.00 annualized dividend and a yield of 4.46%. Centerspace’s payout ratio is currently -375.00%.

Insider Buying and Selling

In related 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 price of $56.40 per share, with a total value of $28,200.00. Following the completion of the purchase, the director now directly owns 9,522 shares in the company, valued at $537,040.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Centerspace Company Profile

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.