Centerspace (NYSE:CSR) Earns Neutral Rating from Piper Sandler

Piper Sandler reiterated their neutral rating on shares of Centerspace (NYSE:CSR) in a research report sent to investors on Tuesday, Benzinga reports. Piper Sandler currently has a $63.00 price target on the stock.

Separately, Royal Bank of Canada restated an outperform rating and issued a $63.00 target price on shares of Centerspace in a research note on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Centerspace presently has a consensus rating of Moderate Buy and an average target price of $65.57.

Centerspace Price Performance

Shares of CSR opened at $57.14 on Tuesday. The company has a market cap of $859.96 million, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 1.68 and a beta of 0.93. Centerspace has a twelve month low of $46.74 and a twelve month high of $66.99. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.74. The company has a 50 day moving average of $55.79 and a two-hundred day moving average of $55.81.

Centerspace Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 8th. Shareholders of record on Thursday, March 28th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.25%. This is a boost from Centerspace’s previous quarterly dividend of $0.73. Centerspace’s dividend payout ratio (DPR) is currently 125.32%.

Insider Buying and Selling

In other Centerspace news, Director John A. Schissel bought 500 shares of Centerspace stock in a transaction that occurred on Monday, March 11th. The stock was purchased at an average price 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 in the company, valued at approximately $537,040.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.86% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSR. Bank of New York Mellon Corp increased its holdings in Centerspace by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 167,277 shares of the company’s stock valued at $16,413,000 after buying an additional 2,193 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Centerspace by 35.5% in the first quarter. MetLife Investment Management LLC now owns 7,203 shares of the company’s stock valued at $707,000 after buying an additional 1,887 shares in the last quarter. Rhumbline Advisers increased its holdings in Centerspace by 2.4% in the first quarter. Rhumbline Advisers now owns 42,807 shares of the company’s stock valued at $4,200,000 after buying an additional 1,005 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Centerspace by 19.8% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,933 shares of the company’s stock valued at $1,269,000 after buying an additional 2,139 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in Centerspace by 2.2% in the first quarter. BlackRock Inc. now owns 2,736,058 shares of the company’s stock valued at $268,463,000 after buying an additional 58,404 shares in the last quarter. Hedge funds and other institutional investors own 79.00% of the company’s stock.

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.