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

Centerspace (NYSE:CSR) announced its quarterly earnings results on Monday. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $64.51 million for the quarter, compared to analyst estimates of $65.30 million. During the same period in the previous year, the business posted $1.07 earnings per share. Centerspace updated its FY 2024 guidance to 4.740-4.920 EPS.

Centerspace Trading Up 4.0 %

NYSE CSR opened at $67.32 on Wednesday. Centerspace has a 52 week low of $46.74 and a 52 week high of $67.87. The business has a 50 day moving average price of $58.32 and a 200-day moving average price of $55.91. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.03 and a current ratio of 0.03.

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 paid a $0.75 dividend. The ex-dividend date 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 yield of 4.46%. Centerspace’s payout ratio is -375.00%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CSR shares. Piper Sandler reissued a “neutral” rating and set a $63.00 price target on shares of Centerspace in a research note on Tuesday, March 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $63.00 price objective on shares of Centerspace in a research note on Friday, March 22nd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $65.57.

Insider Activity

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

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.