Phocas Financial Corp. Purchases 66,565 Shares of Centerspace $CSR

Phocas Financial Corp. boosted its holdings in Centerspace (NYSE:CSR) by 120.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 122,028 shares of the company’s stock after acquiring an additional 66,565 shares during the quarter. Phocas Financial Corp.’s holdings in Centerspace were worth $7,345,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CSR. Vanguard Group Inc. grew its holdings in shares of Centerspace by 0.3% during the first quarter. Vanguard Group Inc. now owns 2,603,360 shares of the company’s stock valued at $168,568,000 after buying an additional 8,994 shares during the last quarter. Nuveen LLC bought a new position in Centerspace in the 1st quarter valued at about $13,147,000. Millennium Management LLC lifted its position in Centerspace by 307.3% in the 1st quarter. Millennium Management LLC now owns 184,051 shares of the company’s stock valued at $11,917,000 after acquiring an additional 138,861 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Centerspace by 17.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 138,676 shares of the company’s stock valued at $8,979,000 after purchasing an additional 20,992 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Centerspace by 32.3% during the 1st quarter. Invesco Ltd. now owns 135,365 shares of the company’s stock worth $8,765,000 after purchasing an additional 33,069 shares in the last quarter. Institutional investors and hedge funds own 79.00% of the company’s stock.

Centerspace Price Performance

NYSE:CSR opened at $59.98 on Thursday. Centerspace has a 52-week low of $52.76 and a 52-week high of $75.92. The stock has a fifty day moving average of $59.06 and a 200 day moving average of $59.62. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.05 and a current ratio of 0.05. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -33.32 and a beta of 0.73.

Centerspace (NYSE:CSR) last announced its earnings results on Monday, November 3rd. The company reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.03). The company had revenue of $71.40 million for the quarter, compared to the consensus estimate of $69.07 million. Centerspace had a negative net margin of 9.13% and a negative return on equity of 2.81%. Centerspace has set its FY 2025 guidance at 4.880-4.960 EPS. On average, research analysts expect that Centerspace will post 4.94 EPS for the current fiscal year.

Centerspace Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Monday, September 29th were given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date was Monday, September 29th. Centerspace’s dividend payout ratio (DPR) is presently -171.11%.

Insiders Place Their Bets

In other Centerspace news, CEO Anne Olson acquired 750 shares of the stock in a transaction dated Friday, August 8th. The stock was purchased at an average cost of $55.10 per share, for a total transaction of $41,325.00. Following the acquisition, the chief executive officer owned 19,496 shares in the company, valued at $1,074,229.60. The trade was a 4.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Bhairav Patel acquired 500 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $54.00 per share, with a total value of $27,000.00. Following the purchase, the chief financial officer directly owned 3,733 shares in the company, valued at $201,582. This represents a 15.47% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 1,750 shares of company stock valued at $95,325. 0.44% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CSR. Cantor Fitzgerald began coverage on Centerspace in a report on Wednesday, October 1st. They set a “neutral” rating and a $62.00 price target for the company. Wells Fargo & Company reduced their target price on shares of Centerspace from $68.00 to $60.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Centerspace in a report on Wednesday, October 8th. Wall Street Zen cut shares of Centerspace from a “hold” rating to a “sell” rating in a report on Sunday, September 7th. Finally, UBS Group reduced their price objective on shares of Centerspace from $67.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $68.00.

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.