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

Centerspace (NYSE:CSR) announced 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 business had revenue of $64.51 million for the quarter, compared to analyst estimates of $65.30 million. Centerspace had a negative net margin of 2.38% and a negative return on equity of 0.73%. 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 Stock Up 2.4 %

Shares of NYSE CSR opened at $68.84 on Thursday. The company has a 50 day simple moving average of $58.55 and a two-hundred day simple moving average of $55.99. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.03 and a current ratio of 0.04. Centerspace has a 12 month low of $46.74 and a 12 month high of $69.61.

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 given a dividend of $0.75 per share. 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 dividend on an annualized basis and a yield of 4.36%. Centerspace’s dividend payout ratio (DPR) is currently -375.00%.

Insider Transactions at Centerspace

In other Centerspace news, Director John A. Schissel bought 500 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was bought at an average cost of $56.40 per share, for a total transaction of $28,200.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.92% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CSR. Piper Sandler restated a “neutral” rating and set a $63.00 price objective on shares of Centerspace in a report on Tuesday, March 26th. Royal Bank of Canada boosted their target price on shares of Centerspace from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.29.

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.