Centerspace (NYSE:CSR) Announces Quarterly Earnings Results

Centerspace (NYSE:CSR) posted its earnings results on Monday. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($1.57), Zacks reports. Centerspace had a negative return on equity of 0.67% and a negative net margin of 2.16%. The firm had revenue of $65.03 million during the quarter, compared to analysts’ expectations of $66.35 million. During the same quarter in the prior year, the company earned $1.20 earnings per share. Centerspace updated its FY 2024 guidance to 4.820-4.900 EPS.

Centerspace Price Performance

CSR stock opened at $69.11 on Wednesday. The firm has a market cap of $1.06 billion, a P/E ratio of -42.93, a P/E/G ratio of 2.07 and a beta of 0.89. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.04 and a current ratio of 0.04. The firm’s fifty day moving average is $72.44 and its 200 day moving average is $69.92. Centerspace has a 52 week low of $46.74 and a 52 week high of $76.16.

Centerspace Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Monday, September 30th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend was Monday, September 30th. Centerspace’s dividend payout ratio is currently -186.34%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CSR. Royal Bank of Canada increased their target price on shares of Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. BTIG Research increased their price target on shares of Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Raymond James lowered shares of Centerspace from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. Finally, Piper Sandler increased their price target on shares of Centerspace from $64.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $75.40.

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.