Centerspace (NYSE:CSR) Announces Earnings Results

Centerspace (NYSE:CSR) announced its 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 0.73%. The firm had revenue of $64.51 million during the quarter, compared to analysts’ expectations of $65.30 million. During the same quarter last year, the company posted $1.07 earnings per share. Centerspace updated its FY 2024 guidance to 4.740-4.920 EPS.

Centerspace Price Performance

Shares of CSR opened at $68.84 on Thursday. Centerspace has a 12 month low of $46.74 and a 12 month high of $69.61. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.03 and a current ratio of 0.04. The stock has a fifty day moving average price of $58.55 and a 200 day moving average price of $55.99.

Centerspace Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Thursday, March 28th were given a dividend of $0.75 per share. The ex-dividend date was Wednesday, March 27th. This represents a $3.00 dividend on an annualized basis and a yield of 4.36%. This is a positive change from Centerspace’s previous quarterly dividend of $0.73. Centerspace’s payout ratio is currently -375.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Piper Sandler restated a “neutral” rating and set a $63.00 price objective on shares of Centerspace in a research note on Tuesday, March 26th. Royal Bank of Canada lifted their target price on Centerspace from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $66.29.

Insider Buying and Selling at Centerspace

In other news, Director John A. Schissel bought 500 shares of Centerspace stock in a transaction on Monday, March 11th. The stock was purchased at an average cost of $56.40 per share, with a total value of $28,200.00. Following the purchase, 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 legal filing with the Securities & Exchange Commission, which is available at this link. 0.92% of the stock is currently owned by company insiders.

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.