Centerspace (NYSE:CSR) Short Interest Down 6.9% in March

Centerspace (NYSE:CSR) saw a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 195,800 shares, a decrease of 6.9% from the March 15th total of 210,300 shares. Based on an average daily volume of 73,200 shares, the days-to-cover ratio is currently 2.7 days.

Insider Activity

In other news, Director John A. Schissel acquired 500 shares of Centerspace stock in a transaction dated Monday, March 11th. The shares were bought at an average cost of $56.40 per share, with a total value of $28,200.00. Following the purchase, the director now owns 9,522 shares in the company, valued at approximately $537,040.80. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.86% of the company’s stock.

Institutional Trading of Centerspace

Institutional investors and hedge funds have recently made changes to their positions in the company. Asset Management One Co. Ltd. grew its position in Centerspace by 1.3% during the fourth 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. Charles Schwab Investment Management Inc. grew its position in Centerspace by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 247,845 shares of the company’s stock valued at $14,935,000 after buying an additional 9,179 shares during the period. Dark Forest Capital Management LP bought a new position in Centerspace during the third quarter valued at about $549,000. Panagora Asset Management Inc. bought a new position in Centerspace during the third quarter valued at about $886,000. Finally, New York State Teachers Retirement System grew its position in Centerspace by 6.6% during the third quarter. New York State Teachers Retirement System now owns 18,510 shares of the company’s stock valued at $1,115,000 after buying an additional 1,146 shares during the period. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Centerspace Stock Up 0.7 %

Shares of CSR stock traded up $0.46 on Wednesday, hitting $62.04. The stock had a trading volume of 114,330 shares, compared to its average volume of 90,512. The business has a 50 day moving average of $56.58 and a 200 day moving average of $55.51. The stock has a market cap of $923.71 million, a price-to-earnings ratio of 26.64, a price-to-earnings-growth ratio of 1.86 and a beta of 0.93. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.03 and a quick ratio of 0.03. Centerspace has a 12-month low of $46.74 and a 12-month high of $66.99.

Centerspace Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Thursday, March 28th were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.00 annualized dividend and a dividend yield of 4.84%. This is an increase from Centerspace’s previous quarterly dividend of $0.73. Centerspace’s dividend payout ratio is currently 128.76%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CSR shares. Royal Bank of Canada reissued an “outperform” rating and set a $63.00 target price on shares of Centerspace in a research note on Friday, March 22nd. Piper Sandler reissued a “neutral” rating and set a $63.00 target price on shares of Centerspace in a research note on Tuesday, March 26th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.57.

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.