Centerspace (NYSE:CSR) Issues Quarterly Earnings Results, Misses Expectations By $1.57 EPS

Centerspace (NYSE:CSR) announced its quarterly earnings results on Monday. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of $1.17 by ($1.57), Zacks reports. The company had revenue of $65.03 million during the quarter, compared to analysts’ expectations of $66.35 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 company earned $1.20 earnings per share. Centerspace updated its FY 2024 guidance to 4.820-4.900 EPS.

Centerspace Stock Performance

Centerspace stock traded down $0.86 during trading hours on Tuesday, reaching $70.09. 17,393 shares of the stock were exchanged, compared to its average volume of 103,541. Centerspace has a 52-week low of $46.74 and a 52-week high of $76.16. 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 50 day moving average is $72.54 and its 200 day moving average is $69.86. The stock has a market cap of $1.07 billion, a P/E ratio of -86.41, a P/E/G ratio of 2.07 and a beta of 0.89.

Centerspace Announces Dividend

The business also recently declared 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 4.28%. The ex-dividend date was Monday, September 30th. Centerspace’s dividend payout ratio is presently -375.00%.

Analysts Set New Price Targets

Several brokerages recently commented on CSR. Royal Bank of Canada lifted their price target 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. Piper Sandler upped their target price on Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. BTIG Research increased their price objective on Centerspace from $69.00 to $79.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Raymond James cut shares of Centerspace from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus 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.