Centerspace (NYSE:CSR) Reaches New 12-Month High After Analyst Upgrade

Shares of Centerspace (NYSE:CSR) reached a new 52-week high during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $63.00 to $64.00. Piper Sandler currently has a neutral rating on the stock. Centerspace traded as high as $70.16 and last traded at $69.83, with a volume of 7970 shares changing hands. The stock had previously closed at $68.71.

Several other research analysts have also commented on the company. Compass Point lowered Centerspace from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $65.00 to $68.00 in a report on Friday, May 3rd. Royal Bank of Canada raised their price target on shares of Centerspace from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $66.33.

Insiders Place Their Bets

In related news, Director John A. Schissel acquired 500 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was purchased at an average price of $56.40 per share, with a total value of $28,200.00. Following the transaction, the director now owns 9,522 shares of the company’s stock, valued at approximately $537,040.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Centerspace

Several hedge funds have recently bought and sold shares of the company. Texas Permanent School Fund Corp increased its stake in Centerspace by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 13,174 shares of the company’s stock worth $753,000 after purchasing an additional 176 shares during the period. Daiwa Securities Group Inc. increased its stake in Centerspace by 4.9% during the 1st quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock worth $272,000 after buying an additional 222 shares during the period. Nisa Investment Advisors LLC lifted its holdings in Centerspace by 4.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,605 shares of the company’s stock worth $398,000 after buying an additional 290 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in Centerspace by 1.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 23,023 shares of the company’s stock valued at $1,366,000 after buying an additional 301 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Centerspace by 2.6% during the fourth quarter. SG Americas Securities LLC now owns 12,662 shares of the company’s stock worth $737,000 after acquiring an additional 318 shares during the period. Institutional investors and hedge funds own 79.00% of the company’s stock.

Centerspace Stock Up 1.0 %

The firm has a market cap of $1.04 billion, a PE ratio of -87.55, a price-to-earnings-growth ratio of 2.07 and a beta of 0.87. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.77. The business has a 50-day moving average price of $59.54 and a two-hundred day moving average price of $56.36.

Centerspace (NYSE:CSR) last issued its quarterly earnings results on Monday, April 29th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $1.12 by ($1.49). The company had revenue of $64.51 million for the quarter, compared to analysts’ expectations of $65.30 million. Centerspace had a negative return on equity of 0.73% and a negative net margin of 2.38%. During the same quarter last year, the company earned $1.07 EPS. On average, equities research analysts expect that Centerspace will post 4.75 EPS for the current year.

Centerspace Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Thursday, March 28th were paid a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.00 dividend on an annualized basis and a yield of 4.28%. This is an increase from Centerspace’s previous quarterly dividend of $0.73. Centerspace’s payout ratio is currently -375.00%.

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.