Centerspace (NYSE:CSR) Releases FY 2024 Earnings Guidance

Centerspace (NYSE:CSR) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 4.780-4.920 for the period, compared to the consensus earnings per share estimate of 4.790. The company issued revenue guidance of -.

Centerspace Price Performance

NYSE:CSR traded up $0.32 on Wednesday, reaching $70.35. 959 shares of the company’s stock traded hands, compared to its average volume of 90,420. The stock has a 50-day simple moving average of $68.60 and a 200-day simple moving average of $63.03. Centerspace has a 12 month low of $46.74 and a 12 month high of $71.50. The firm has a market cap of $1.05 billion, a PE ratio of -87.54, a P/E/G ratio of 2.09 and a beta of 0.88. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.79.

Centerspace (NYSE:CSR) last issued its earnings results on Monday, July 29th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($1.39). Centerspace had a negative net margin of 2.16% and a negative return on equity of 0.67%. The business had revenue of $65.04 million for the quarter, compared to the consensus estimate of $65.90 million. During the same period last year, the business posted $1.28 EPS. Equities research analysts forecast that Centerspace will post 4.82 earnings per share for the current year.

Centerspace Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.26%. The ex-dividend date was Friday, June 28th. Centerspace’s dividend payout ratio (DPR) is presently -375.00%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CSR. Royal Bank of Canada lifted their price target on shares of Centerspace from $72.00 to $73.00 and gave the company an outperform rating in a report on Wednesday, July 31st. Raymond James upgraded Centerspace from a market perform rating to an outperform rating and set a $75.00 target price on the stock in a research report on Friday, May 24th. Compass Point cut Centerspace from a buy rating to a neutral rating and raised their price target for the company from $65.00 to $68.00 in a report on Friday, May 3rd. Finally, Piper Sandler upped their price objective on Centerspace from $64.00 to $75.00 and gave the stock a neutral rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Centerspace has a consensus rating of Moderate Buy and an average price target of $69.86.

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.