Centerspace (NYSE:CSR) Releases Quarterly Earnings Results

Centerspace (NYSE:CSR) posted its quarterly earnings results on Monday. The company reported $7.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $7.13, FiscalAI reports. Centerspace had a return on equity of 11.18% and a net margin of 35.40%. The company had revenue of $59.52 million for the quarter, compared to analysts’ expectations of $62.74 million.

Centerspace Trading Up 3.5%

Shares of NYSE:CSR traded up $1.99 during mid-day trading on Wednesday, hitting $59.24. The stock had a trading volume of 83,871 shares, compared to its average volume of 175,516. The company’s 50 day moving average is $55.58 and its 200-day moving average is $59.51. Centerspace has a 12-month low of $52.00 and a 12-month high of $69.61. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.03 and a current ratio of 0.03. The company has a market cap of $996.50 million, a PE ratio of 11.07 and a beta of 0.82.

Centerspace Announces Dividend

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

Wall Street Analysts Forecast Growth

CSR has been the topic of a number of recent research reports. Wall Street Zen upgraded Centerspace from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Royal Bank Of Canada reduced their target price on Centerspace from $67.00 to $64.00 and set an “outperform” rating for the company in a report on Wednesday, August 5th. Piper Sandler reduced their target price on Centerspace from $58.00 to $56.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Compass Point upgraded Centerspace from a “neutral” rating to a “buy” rating and increased their price target for the company from $64.50 to $80.00 in a research report on Wednesday, September 9th. Finally, Weiss Ratings cut Centerspace from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Centerspace currently has an average rating of “Hold” and a consensus price target of $62.50.

About Centerspace

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.