Centerspace (NYSE:CSR) Sees Unusually-High Trading Volume

Centerspace (NYSE:CSR) shares saw an uptick in trading volume on Monday . 37,589 shares traded hands during mid-day trading, a decline of 63% from the previous session’s volume of 100,254 shares.The stock last traded at $74.90 and had previously closed at $74.18.

Analyst Ratings Changes

Several research firms have issued reports on CSR. Compass Point cut Centerspace from a “buy” rating to a “neutral” rating and raised their target price for the stock from $65.00 to $68.00 in a research note on Friday, May 3rd. Raymond James raised shares of Centerspace from a “market perform” rating to an “outperform” rating and set a $75.00 target price on the stock in a research report on Friday, May 24th. BTIG Research lifted their price target on shares of Centerspace from $69.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Piper Sandler upped their price objective on shares of Centerspace from $64.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Finally, Royal Bank of Canada lifted their target price on shares of Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Centerspace currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.29.

Centerspace Stock Performance

The stock has a fifty day moving average of $70.02 and a 200-day moving average of $64.65. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $1.11 billion, a PE ratio of -93.40, a price-to-earnings-growth ratio of 2.09 and a beta of 0.88.

Centerspace (NYSE:CSR) last issued its earnings results on Monday, July 29th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $1.20 by ($1.39). Centerspace had a negative net margin of 2.16% and a negative return on equity of 0.67%. The firm had revenue of $65.04 million during the quarter, compared to analyst estimates of $65.90 million. During the same period last year, the business earned $1.28 EPS. Equities analysts anticipate that Centerspace will post 4.82 earnings per share for the current fiscal year.

Centerspace Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 10th. Stockholders of record on Friday, June 28th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $3.00 annualized dividend and a dividend yield of 4.01%. Centerspace’s dividend payout ratio (DPR) is currently -375.00%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Rothschild Investment LLC acquired a new position in shares of Centerspace in the 2nd quarter valued at $42,000. Van ECK Associates Corp boosted its stake in Centerspace by 19.7% in the fourth quarter. Van ECK Associates Corp now owns 2,118 shares of the company’s stock valued at $123,000 after acquiring an additional 348 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Centerspace during the first quarter worth about $173,000. Victory Capital Management Inc. acquired a new stake in shares of Centerspace during the second quarter worth about $209,000. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Centerspace by 4.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock valued at $272,000 after purchasing an additional 222 shares during 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.