Centerspace (NYSE:CSR) Issues FY24 Earnings Guidance

Centerspace (NYSE:CSR) issued an update on its FY24 earnings guidance on Friday morning. The company provided EPS guidance of $4.74-4.92 for the period, compared to the consensus EPS estimate of $4.70.

Centerspace Price Performance

CSR traded down $0.10 on Friday, reaching $68.86. 71,243 shares of the company’s stock were exchanged, compared to its average volume of 82,352. The stock has a market cap of $1.03 billion, a PE ratio of -86.22, a P/E/G ratio of 2.07 and a beta of 0.87. Centerspace has a twelve month low of $46.74 and a twelve month high of $69.97. The stock’s fifty day moving average price is $59.01 and its 200-day moving average price is $56.17. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.04 and a quick ratio of 0.03.

Centerspace (NYSE:CSR) last released its quarterly earnings results on Monday, April 29th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($1.49). The company had revenue of $64.51 million during the quarter, compared to analysts’ expectations of $65.30 million. Centerspace had a negative net margin of 2.38% and a negative return on equity of 0.73%. During the same period last year, the firm posted $1.07 earnings per share. Sell-side analysts expect that Centerspace will post 4.75 EPS for the current year.

Centerspace Increases Dividend

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

Wall Street Analyst Weigh In

CSR has been the subject of several analyst reports. Piper Sandler reiterated a neutral rating and set a $63.00 price target on shares of Centerspace in a report on Tuesday, March 26th. Compass Point downgraded shares of Centerspace from a buy rating to a neutral rating and upped their price target for the company from $65.00 to $68.00 in a research report on Friday. Finally, Royal Bank of Canada upped their price objective on shares of Centerspace from $66.00 to $68.00 and gave the stock an outperform rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $66.17.

Insider Activity at Centerspace

In other Centerspace news, Director John A. Schissel purchased 500 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were purchased at an average price of $56.40 per share, for a total transaction of $28,200.00. Following the completion of the acquisition, the director now owns 9,522 shares of the company’s stock, valued at approximately $537,040.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.92% of the stock is currently owned by 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.