Centerspace (NYSE:CSR) Posts Earnings Results, Beats Expectations By $0.06 EPS

Centerspace (NYSE:CSR) posted its earnings results on Monday. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06, FiscalAI reports. The company had revenue of $65.78 million for the quarter, compared to the consensus estimate of $66.29 million. Centerspace had a return on equity of 0.94% and a net margin of 2.93%.

Centerspace Trading Up 1.3%

CSR stock traded up $0.70 during trading on Monday, hitting $55.54. The company had a trading volume of 144,607 shares, compared to its average volume of 140,001. The firm has a market capitalization of $933.24 million, a P/E ratio of 123.42 and a beta of 0.89. The company has a 50 day simple moving average of $57.91 and a 200-day simple moving average of $61.56. Centerspace has a 52-week low of $52.76 and a 52-week high of $69.61. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.88.

Centerspace Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on CSR. Royal Bank Of Canada reduced their price objective on Centerspace from $71.00 to $67.00 and set an “outperform” rating on the stock in a research note on Friday, June 5th. Piper Sandler cut their target price on shares of Centerspace from $64.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. BTIG Research downgraded shares of Centerspace from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 16th. Wells Fargo & Company lowered their price objective on shares of Centerspace from $70.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 22nd. Finally, UBS Group lifted their price objective on shares of Centerspace from $66.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. One equities research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $64.40.

Insiders Place Their Bets

In related news, Director Rodney Jones-Tyson bought 1,700 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were acquired at an average price of $55.26 per share, with a total value of $93,942.00. Following the transaction, the director owned 7,877 shares of the company’s stock, valued at $435,283.02. The trade was a 27.52% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John A. Schissel acquired 500 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were bought at an average price of $54.90 per share, with a total value of $27,450.00. Following the completion of the purchase, the director directly owned 17,195 shares in the company, valued at $944,005.50. The trade was a 2.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.49% of the company’s stock.

Institutional Investors Weigh In On Centerspace

Institutional investors have recently bought and sold shares of the company. Kestra Advisory Services LLC purchased a new stake in shares of Centerspace during the fourth quarter worth about $58,000. Federation des caisses Desjardins du Quebec boosted its stake in shares of Centerspace by 26.5% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,337 shares of the company’s stock worth $89,000 after buying an additional 280 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Centerspace by 64.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,252 shares of the company’s stock valued at $136,000 after purchasing an additional 879 shares in the last quarter. First Trust Advisors LP acquired a new stake in Centerspace during the fourth quarter valued at $203,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Centerspace during the 4th quarter worth about $224,000. 79.00% of the stock is currently owned by institutional investors and hedge funds.

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