Resona Asset Management Co. Ltd. Makes New $433,000 Investment in Centerspace (NYSE:CSR)

Resona Asset Management Co. Ltd. bought a new stake in shares of Centerspace (NYSE:CSR) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 6,570 shares of the company’s stock, valued at approximately $433,000.

A number of other hedge funds have also made changes to their positions in CSR. Smartleaf Asset Management LLC boosted its stake in Centerspace by 370.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 381 shares of the company’s stock valued at $25,000 after acquiring an additional 300 shares during the last quarter. KBC Group NV lifted its position in shares of Centerspace by 75.9% during the fourth quarter. KBC Group NV now owns 1,080 shares of the company’s stock worth $71,000 after purchasing an additional 466 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Centerspace in the fourth quarter worth about $196,000. Van ECK Associates Corp increased its holdings in Centerspace by 19.4% in the fourth quarter. Van ECK Associates Corp now owns 3,135 shares of the company’s stock valued at $207,000 after buying an additional 509 shares during the last quarter. Finally, Captrust Financial Advisors acquired a new stake in Centerspace during the third quarter valued at approximately $234,000. Institutional investors and hedge funds own 79.00% of the company’s stock.

Wall Street Analysts Forecast Growth

CSR has been the subject of several research reports. Wells Fargo & Company began coverage on Centerspace in a report on Wednesday, March 19th. They issued an “equal weight” rating and a $68.00 price target for the company. Janney Montgomery Scott upgraded shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Wednesday, January 15th. Royal Bank of Canada raised their price target on shares of Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. BMO Capital Markets raised shares of Centerspace from a “market perform” rating to an “outperform” rating and set a $77.00 price objective for the company in a research report on Friday, April 4th. Finally, UBS Group began coverage on shares of Centerspace in a report on Monday, April 7th. 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Centerspace presently has a consensus rating of “Hold” and a consensus target price of $73.30.

Centerspace Stock Performance

CSR opened at $57.26 on Friday. Centerspace has a twelve month low of $54.13 and a twelve month high of $76.16. The stock has a market cap of $957.79 million, a PE ratio of -45.09 and a beta of 0.79. The business’s 50 day moving average is $62.81 and its 200-day moving average is $66.25. The company has a current ratio of 0.04, a quick ratio of 0.05 and a debt-to-equity ratio of 0.74.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $1.21 earnings per share (EPS) 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. On average, analysts predict that Centerspace will post 4.94 earnings per share for the current year.

Centerspace Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 8th. Investors of record on Friday, March 28th were given a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 5.38%. The ex-dividend date was Friday, March 28th. This is a positive change from Centerspace’s previous quarterly dividend of $0.75. Centerspace’s dividend payout ratio is currently -242.52%.

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.