Centerspace (NYSE:CSR) Announces Quarterly Earnings Results

Key Points

• Centerspace beat earnings expectations: The company reported quarterly EPS of $(0.07), ahead of the $(0.13) consensus estimate, while revenue of $65.78 million fell slightly short of the $66.29 million forecast.
• Dividend yield remains high: Centerspace paid a quarterly dividend of $0.77 per share, equivalent to $3.08 annually and a 5.5% yield, though its payout ratio was elevated at 684.44%.
• Analyst sentiment is cautious: Analysts’ average rating is “Hold,” with a $64.40 price target; several firms recently lowered their targets or downgraded the stock to neutral.

Centerspace (NYSE:CSR - Get Free Report) released its quarterly earnings results on Monday. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.06, FiscalAI reports. Centerspace had a return on equity of 0.94% and a net margin of 2.93%.The business had revenue of $65.78 million during the quarter, compared to the consensus estimate of $66.29 million.

Centerspace Price Performance

Shares of CSR traded up $0.70 during trading hours on Monday, reaching $55.54. 144,607 shares of the stock traded hands, compared to its average volume of 140,001. The company has a market cap of $933.24 million, a P/E ratio of 123.42 and a beta of 0.89. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 0.88. The company's 50-day moving average price is $57.91 and its two-hundred day moving average price is $61.56. Centerspace has a 52-week low of $52.76 and a 52-week high of $69.61.

Centerspace Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Monday, June 29th were paid a dividend of $0.77 per share. The ex-dividend date was Monday, June 29th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 5.5%. Centerspace's payout ratio is 684.44%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CSR shares. Wells Fargo & Company dropped their price objective on shares of Centerspace from $70.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. Weiss Ratings cut shares of Centerspace from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, June 17th. Piper Sandler dropped their price target on shares of Centerspace from $64.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 21st. Royal Bank Of Canada dropped their price target on shares of Centerspace from $71.00 to $67.00 and set an "outperform" rating on the stock in a research note on Friday, June 5th. Finally, BTIG Research lowered Centerspace from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 16th. One research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $64.40.

Insiders Place Their Bets

In other Centerspace news, Director Rodney Jones-Tyson purchased 1,700 shares of the firm's stock in a transaction on Monday, June 22nd. The shares were acquired at an average cost of $55.26 per share, with a total value of $93,942.00. Following the completion of the acquisition, the director directly owned 7,877 shares in the company, valued at $435,283.02. The trade was a 27.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John A. Schissel acquired 500 shares of the company's stock in a transaction dated Thursday, June 18th. The stock was acquired at an average cost of $54.90 per share, with a total value of $27,450.00. Following the purchase, the director owned 17,195 shares of the company's stock, valued at approximately $944,005.50. This trade represents a 2.99% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.49% of the company's stock.

Institutional Investors Weigh In On Centerspace

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its holdings in shares of Centerspace by 199.5% in the first quarter. Royal Bank of Canada now owns 15,720 shares of the company's stock worth $1,019,000 after buying an additional 10,472 shares in the last quarter. AQR Capital Management LLC grew its stake in Centerspace by 32.5% during the first quarter. AQR Capital Management LLC now owns 4,891 shares of the company's stock valued at $317,000 after acquiring an additional 1,200 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Centerspace by 2.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,790 shares of the company's stock valued at $958,000 after acquiring an additional 287 shares during the last quarter. Millennium Management LLC increased its holdings in Centerspace by 307.3% in the 1st quarter. Millennium Management LLC now owns 184,051 shares of the company's stock valued at $11,917,000 after acquiring an additional 138,861 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Centerspace by 17.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 138,676 shares of the company's stock worth $8,979,000 after purchasing an additional 20,992 shares in the last quarter. 79.00% of the stock is owned by hedge funds and other institutional investors.

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. Centerspace was named a Top Workplace for the fourth consecutive year in 2023 by the Minneapolis Star Tribune.

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