Centerspace (NYSE:CSR) Releases Quarterly Earnings Results

Centerspace (NYSE:CSR) released its quarterly earnings results on Monday. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($1.49), Yahoo Finance reports. The firm had revenue of $64.51 million during the quarter, compared to the consensus estimate of $65.30 million. Centerspace had a net margin of 15.81% and a return on equity of 4.76%. During the same quarter in the prior year, the business posted $1.07 earnings per share. Centerspace updated its FY 2024 guidance to 4.740-4.920 EPS.

Centerspace Price Performance

Centerspace stock traded down $1.02 during trading on Tuesday, reaching $63.70. The company had a trading volume of 1,695 shares, compared to its average volume of 79,379. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.03 and a current ratio of 0.03. The firm’s 50-day simple moving average is $58.32 and its 200 day simple moving average is $55.91. The firm has a market capitalization of $948.49 million, a PE ratio of 27.78, a price-to-earnings-growth ratio of 1.95 and a beta of 0.93. Centerspace has a 1-year low of $46.74 and a 1-year high of $66.99.

Centerspace Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Thursday, March 28th were given a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Centerspace’s previous quarterly dividend of $0.73. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.71%. Centerspace’s payout ratio is 128.76%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Centerspace news, Director John A. Schissel acquired 500 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was bought at an average price of $56.40 per share, with a total value of $28,200.00. Following the purchase, the director now owns 9,522 shares in the company, valued at $537,040.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.92% of the stock is currently owned by insiders.

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.