Centerspace (NYSE:CSR) Releases Earnings Results, Misses Expectations By $1.39 EPS

Centerspace (NYSE:CSR) released its quarterly earnings data on Monday. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.39), Yahoo Finance reports. The business had revenue of $65.04 million during the quarter, compared to analysts’ expectations of $65.90 million. Centerspace had a negative net margin of 2.16% and a negative return on equity of 0.67%. During the same quarter in the prior year, the firm posted $1.28 earnings per share.

Centerspace Stock Performance

NYSE CSR traded up $0.81 during mid-day trading on Wednesday, reaching $69.83. 268,838 shares of the stock were exchanged, compared to its average volume of 91,448. The business’s 50 day moving average is $68.37 and its 200-day moving average is $62.53. Centerspace has a 1 year low of $46.74 and a 1 year high of $71.50. The company has a market capitalization of $1.04 billion, a P/E ratio of -86.66, a P/E/G ratio of 2.05 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.04 and a current ratio of 0.04.

Centerspace Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th were paid a $0.75 dividend. The ex-dividend date was Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.30%. Centerspace’s payout ratio is currently -375.00%.

Wall Street Analysts Forecast Growth

CSR has been the subject of several recent research reports. Piper Sandler boosted their price target on shares of Centerspace from $64.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday. Raymond James raised shares of Centerspace from a “market perform” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Friday, May 24th. Compass Point downgraded shares of Centerspace from a “buy” rating to a “neutral” rating and upped their price objective for the company from $65.00 to $68.00 in a research note on Friday, May 3rd. Finally, Royal Bank of Canada upped their price objective on shares of Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $69.86.

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.