Centerspace (NYSE:CSR) Hits New 1-Year Low – What’s Next?

Centerspace (NYSE:CSR)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $55.49 and last traded at $57.10, with a volume of 3560 shares traded. The stock had previously closed at $57.67.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Janney Montgomery Scott upgraded Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a report on Wednesday, January 15th. Royal Bank of Canada increased their price target on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Wedbush assumed coverage on Centerspace in a report on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price objective for the company. Wells Fargo & Company initiated coverage on Centerspace in a research report on Wednesday, March 19th. They set an “equal weight” rating and a $68.00 price objective for the company. Finally, UBS Group assumed coverage on Centerspace in a research report on Monday. They issued a “neutral” rating and a $67.00 target price on the stock. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $73.30.

Centerspace Trading Up 1.2 %

The firm has a market cap of $976.05 million, a P/E ratio of -46.16 and a beta of 0.79. The company’s 50 day simple moving average is $63.27 and its 200-day simple moving average is $66.83. The company has a quick ratio of 0.05, a current ratio of 0.04 and a debt-to-equity ratio of 0.74.

Centerspace (NYSE:CSR) last posted its earnings results on Tuesday, February 18th. The company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $1.36. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. The company had revenue of $66.41 million during the quarter, compared to analyst estimates of $65.96 million. As a group, research analysts predict that Centerspace will post 4.94 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 8th. Investors of record on Friday, March 28th will be paid a $0.77 dividend. The ex-dividend date is Friday, March 28th. This is a boost from Centerspace’s previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a yield of 5.28%. Centerspace’s dividend payout ratio (DPR) is -242.52%.

Hedge Funds Weigh In On Centerspace

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Centerspace by 8.2% in the fourth quarter. Vanguard Group Inc. now owns 2,594,366 shares of the company’s stock worth $171,617,000 after purchasing an additional 195,629 shares during the last quarter. Barclays PLC raised its position in Centerspace by 1,553.4% during the 3rd quarter. Barclays PLC now owns 102,859 shares of the company’s stock worth $7,249,000 after buying an additional 96,638 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Centerspace by 295.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,820 shares of the company’s stock worth $7,598,000 after buying an additional 80,566 shares during the last quarter. Norges Bank acquired a new stake in Centerspace during the 4th quarter valued at approximately $4,768,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Centerspace by 6.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company’s stock valued at $71,834,000 after acquiring an additional 61,394 shares during the last quarter. 79.00% of the stock is owned by institutional investors and hedge funds.

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.