Short Interest in Centerspace (NYSE:CSR) Grows By 59.6%

Centerspace (NYSE:CSR) was the recipient of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 274,200 shares, a growth of 59.6% from the December 15th total of 171,800 shares. Based on an average trading volume of 116,200 shares, the short-interest ratio is presently 2.4 days.

Centerspace Stock Down 0.9 %

Shares of NYSE:CSR traded down $0.54 during trading on Friday, hitting $60.95. 53,838 shares of the company’s stock traded hands, compared to its average volume of 92,508. The company has a 50-day moving average price of $68.44 and a 200-day moving average price of $70.37. Centerspace has a 52 week low of $52.26 and a 52 week high of $76.16. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.70. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -37.88, a price-to-earnings-growth ratio of 1.74 and a beta of 0.91.

Centerspace (NYSE:CSR) last issued its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($1.57). The company had revenue of $65.03 million for the quarter, compared to the consensus estimate of $66.35 million. Centerspace had a negative return on equity of 1.72% and a negative net margin of 5.57%. During the same period in the prior year, the company earned $1.20 EPS. As a group, research analysts forecast that Centerspace will post 4.85 EPS for the current fiscal year.

Centerspace Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were issued a $0.75 dividend. The ex-dividend date was Monday, December 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.92%. Centerspace’s dividend payout ratio (DPR) is -186.33%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CSR. Wedbush started coverage on Centerspace in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $76.00 target price on shares of Centerspace in a research note on Wednesday, October 30th. Raymond James lowered Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Finally, Janney Montgomery Scott raised shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $74.86.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in Centerspace by 25.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 193,242 shares of the company’s stock valued at $13,618,000 after acquiring an additional 39,380 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Centerspace by 3.1% in the third quarter. Geode Capital Management LLC now owns 387,517 shares of the company’s stock worth $27,314,000 after purchasing an additional 11,749 shares in the last quarter. Captrust Financial Advisors acquired a new position in Centerspace during the third quarter worth $234,000. Principal Financial Group Inc. grew its position in Centerspace by 3.6% in the third quarter. Principal Financial Group Inc. now owns 81,338 shares of the company’s stock valued at $5,732,000 after purchasing an additional 2,852 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in Centerspace in the third quarter valued at $403,000. 79.00% of the stock is owned by institutional investors and hedge funds.

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.