Pacific Heights Asset Management LLC Buys New Stake in Centerspace $CSR

Pacific Heights Asset Management LLC bought a new position in Centerspace (NYSE:CSR) during the second quarter, HoldingsChannel.com reports. The fund bought 300,000 shares of the company’s stock, valued at approximately $16,857,000.

Other large investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in Centerspace during the second quarter valued at $167,912,000. Wellington Management Group LLP lifted its stake in Centerspace by 324.4% in the fourth quarter. Wellington Management Group LLP now owns 855,869 shares of the company’s stock worth $57,104,000 after acquiring an additional 654,209 shares during the period. Long Pond Capital LP boosted its stake in shares of Centerspace by 108.0% during the fourth quarter. Long Pond Capital LP now owns 444,101 shares of the company’s stock valued at $29,630,000 after purchasing an additional 230,638 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Centerspace by 9.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 340,286 shares of the company’s stock valued at $22,704,000 after acquiring an additional 28,809 shares during the period. Finally, Voss Capital LP purchased a new position in Centerspace in the fourth quarter valued at about $22,068,000. Institutional investors own 79.00% of the company’s stock.

Centerspace Trading Down 1.6%

NYSE CSR opened at $52.56 on Friday. Centerspace has a 1 year low of $52.53 and a 1 year high of $69.61. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.03 and a quick ratio of 0.03. The company has a market capitalization of $882.42 million, a PE ratio of 41.71 and a beta of 0.88. The company has a fifty day moving average of $55.59 and a 200 day moving average of $60.27.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.06. The company had revenue of $65.78 million for the quarter, compared to the consensus estimate of $66.29 million. Centerspace had a return on equity of 2.58% and a net margin of 7.97%.Centerspace has set its FY 2026 guidance at 4.580-4.680 EPS. Research analysts forecast that Centerspace will post 4.67 earnings per share for the current year.

Centerspace Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Monday, June 29th were issued a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend was Monday, June 29th. Centerspace’s dividend payout ratio (DPR) is 244.44%.

Insider Activity

In related news, Director John A. Schissel acquired 500 shares of the stock in a transaction on Thursday, June 18th. The shares were acquired at an average price of $54.90 per share, for a total transaction of $27,450.00. Following the transaction, the director owned 17,195 shares in the company, valued at approximately $944,005.50. This trade represents a 2.99% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rodney Jones-Tyson acquired 1,700 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were purchased at an average cost of $55.26 per share, for a total transaction of $93,942.00. Following the purchase, the director directly owned 7,877 shares in the company, valued at approximately $435,283.02. This trade represents a 27.52% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.49% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on CSR shares. Wells Fargo & Company cut their price target on shares of Centerspace from $70.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 22nd. UBS Group increased their price objective on Centerspace from $66.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Zacks Research cut Centerspace from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 18th. Piper Sandler decreased their target price on Centerspace from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday. Finally, BTIG Research downgraded Centerspace from a “buy” rating to a “neutral” rating in a report on Tuesday, June 16th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $63.40.

Centerspace Profile

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.