Centerspace (NYSE:CSR) Sets New 1-Year High After Analyst Upgrade

Centerspace (NYSE:CSR) shares hit 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 changing hands. The stock had previously closed at $68.71.

A number of other brokerages also recently weighed in on CSR. Royal Bank of Canada upped their target price on Centerspace from $66.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 1st. Compass Point downgraded Centerspace from a “buy” rating to a “neutral” rating and upped their target price for the company from $65.00 to $68.00 in a report on Friday. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Centerspace presently has a consensus rating of “Hold” and an average price target of $66.33.

Insider Activity

In other Centerspace news, Director John A. Schissel acquired 500 shares of Centerspace stock in a transaction dated Monday, March 11th. The stock was bought at an average cost of $56.40 per share, with a total value of $28,200.00. Following the completion of the transaction, the director now owns 9,522 shares of the company’s stock, valued at $537,040.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Centerspace by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 251,117 shares of the company’s stock valued at $14,615,000 after purchasing an additional 3,272 shares in the last quarter. Invesco Ltd. raised its stake in Centerspace by 1.7% during the third quarter. Invesco Ltd. now owns 104,712 shares of the company’s stock worth $6,310,000 after acquiring an additional 1,789 shares in the last quarter. Westwood Holdings Group Inc. acquired a new position in Centerspace during the fourth quarter worth $5,238,000. Principal Financial Group Inc. raised its stake in Centerspace by 5.1% during 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 in the last quarter. Finally, Panagora Asset Management Inc. raised its stake in Centerspace by 181.8% during the fourth quarter. Panagora Asset Management Inc. now owns 41,413 shares of the company’s stock worth $2,410,000 after acquiring an additional 26,716 shares in the last quarter. 79.00% of the stock is currently owned by institutional investors and hedge funds.

Centerspace Stock Up 1.4 %

The company has a debt-to-equity ratio of 0.77, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a 50 day simple moving average of $59.26 and a 200-day simple moving average of $56.25. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of -85.89, a price-to-earnings-growth ratio of 2.07 and a beta of 0.87.

Centerspace (NYSE:CSR) last released its quarterly earnings data on Monday, April 29th. The company reported ($0.37) earnings per share (EPS) 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 in the prior year, the company earned $1.07 earnings per share. On average, sell-side analysts forecast that Centerspace will post 4.75 EPS for the current fiscal year.

Centerspace Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Thursday, March 28th were paid a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Centerspace’s previous quarterly dividend of $0.73. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.30%. Centerspace’s dividend payout ratio (DPR) is -375.00%.

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.