Centerspace (NYSE:CSR) Announces Earnings Results

Centerspace (NYSE:CSR) issued its earnings results on Tuesday. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of $1.21 by ($2.31), FiscalAI reports. The firm had revenue of $66.62 million during the quarter, compared to analyst estimates of $69.77 million. Centerspace had a return on equity of 3.52% and a net margin of 11.14%.

Centerspace Price Performance

Centerspace stock traded down $0.75 during mid-day trading on Tuesday, hitting $62.82. 226,670 shares of the company were exchanged, compared to its average volume of 121,136. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $1.05 billion, a PE ratio of 35.10 and a beta of 0.78. Centerspace has a 1-year low of $52.76 and a 1-year high of $69.15. The business has a fifty day moving average of $65.06 and a 200 day moving average of $61.70.

Centerspace Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Tuesday, December 30th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Tuesday, December 30th. Centerspace’s payout ratio is presently 172.07%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CSR. Price T Rowe Associates Inc. MD lifted its stake in shares of Centerspace by 10.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,276 shares of the company’s stock valued at $1,353,000 after purchasing an additional 1,967 shares during the period. Anson Funds Management LP bought a new stake in Centerspace during the 4th quarter worth about $1,778,000. Russell Investments Group Ltd. grew its stake in shares of Centerspace by 8.1% in the fourth quarter. Russell Investments Group Ltd. now owns 51,676 shares of the company’s stock valued at $3,448,000 after buying an additional 3,863 shares in the last quarter. State of Wisconsin Investment Board increased its position in Centerspace by 3.8% during the fourth quarter. State of Wisconsin Investment Board now owns 32,953 shares of the company’s stock worth $2,199,000 after buying an additional 1,205 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in shares of Centerspace by 4.9% in the fourth quarter. Captrust Financial Advisors now owns 4,348 shares of the company’s stock valued at $290,000 after purchasing an additional 202 shares during the period. 79.00% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CSR has been the topic of several recent research reports. Wall Street Zen raised shares of Centerspace from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. UBS Group upped their price objective on shares of Centerspace from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, January 8th. Cantor Fitzgerald restated a “neutral” rating and set a $65.00 target price on shares of Centerspace in a report on Monday, January 5th. Wells Fargo & Company upped their price target on Centerspace from $60.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Monday, November 17th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Centerspace in a report on Wednesday, November 12th. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $69.86.

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.