Centerspace (NYSE:CSR) Hits New 1-Year High on Analyst Upgrade

Centerspace (NYSE:CSR)’s share price reached a new 52-week high 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 trading hands. The stock had previously closed at $68.71.

A number of other equities analysts also recently commented on CSR. Compass Point downgraded shares of Centerspace from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $65.00 to $68.00 in a research note on Friday. Royal Bank of Canada upped their price target on Centerspace from $66.00 to $68.00 and gave the stock an “outperform” rating in a research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $66.33.

Insider Transactions at Centerspace

In related news, Director John A. Schissel acquired 500 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were purchased at an average cost of $56.40 per share, with a total value of $28,200.00. Following the completion of the acquisition, the director now directly owns 9,522 shares of the company’s stock, valued at $537,040.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.92% of the company’s stock.

Institutional Investors Weigh In On Centerspace

Hedge funds have recently added to or reduced their stakes in the business. Texas Permanent School Fund Corp raised its position in shares of Centerspace by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 13,174 shares of the company’s stock worth $753,000 after acquiring an additional 176 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Centerspace by 4.9% in the first quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock worth $272,000 after acquiring an additional 222 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Centerspace in the first quarter worth about $173,000. Principal Financial Group Inc. raised its position in shares of Centerspace by 5.1% in the first quarter. Principal Financial Group Inc. now owns 82,460 shares of the company’s stock worth $4,712,000 after acquiring an additional 3,984 shares during the period. Finally, BTC Capital Management Inc. acquired a new position in shares of Centerspace in the first quarter worth about $279,000. 79.00% of the stock is owned by hedge funds and other institutional investors.

Centerspace Stock Performance

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’s 50-day simple moving average is $59.26 and its two-hundred day simple moving average is $56.25. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -85.89, a P/E/G ratio of 2.07 and a beta of 0.87.

Centerspace (NYSE:CSR) last released 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). Centerspace had a negative return on equity of 0.73% and a negative net margin of 2.38%. The company had revenue of $64.51 million for the quarter, compared to analyst estimates of $65.30 million. During the same quarter last year, the company earned $1.07 EPS. As a group, sell-side analysts expect that Centerspace will post 4.75 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Thursday, March 28th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.30%. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from Centerspace’s previous quarterly dividend of $0.73. Centerspace’s dividend payout ratio is -375.00%.

Centerspace Company 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.