Centerspace (NYSE:CSR) Issues Quarterly Earnings Results

Key Points

• Centerspace reported quarterly EPS of $7.28, far exceeding the $0.15 analyst consensus, while revenue of $59.52 million fell short of the $62.74 million estimate.
• The stock rose 1.3% to $59.17 following the results. Centerspace also maintains a quarterly dividend of $0.77 per share, representing a 5.2% annualized yield.
• Analyst sentiment remains cautious, with the stock carrying an average “Hold” rating and a consensus price target of $62.50, despite one analyst upgrading it to “Buy.”

Centerspace (NYSE:CSR - Get Free Report) issued its earnings results on Monday. The company reported $7.28 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $7.13, FiscalAI reports. Centerspace had a net margin of 7.97% and a return on equity of 2.58%. The business had revenue of $59.52 million for the quarter, compared to the consensus estimate of $62.74 million.

Centerspace Stock Up 1.3%

NYSE:CSR traded up $0.73 during mid-day trading on Monday, hitting $59.17. 218,128 shares of the company's stock traded hands, compared to its average volume of 175,317. The company has a fifty day moving average of $55.42 and a 200 day moving average of $59.58. Centerspace has a twelve month low of $52.00 and a twelve month high of $69.61. The company has a market capitalization of $995.26 million, a P/E ratio of 46.96 and a beta of 0.82. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.03 and a current ratio of 0.03.

Centerspace Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Tuesday, September 29th were given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 5.2%. The ex-dividend date of this dividend was Tuesday, September 29th. Centerspace's dividend payout ratio is currently 244.44%.

Wall Street Analyst Weigh In

CSR has been the subject of several analyst reports. Wall Street Zen raised shares of Centerspace from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Piper Sandler lowered their price target on shares of Centerspace from $58.00 to $56.00 and set a "neutral" rating on the stock in a report on Monday, October 12th. Compass Point raised shares of Centerspace from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $64.50 to $80.00 in a research report on Wednesday, September 9th. Wells Fargo & Company reduced their price objective on shares of Centerspace from $57.00 to $53.00 and set an "equal weight" rating for the company in a research note on Monday, October 19th. Finally, Weiss Ratings cut shares of Centerspace from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, August 19th. Two investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $62.50.

Centerspace Company Profile

Centerspace NYSE: CSR is a real estate investment trust focused on the ownership, acquisition, development and operation of multifamily apartment communities. The company provides residential housing through a portfolio of apartment properties and generates revenue primarily from rents and related resident services.

Centerspace serves markets in the Mountain West and Midwest, with communities located in states including Colorado, Minnesota, Montana, Nebraska, North Dakota and South Dakota.

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