Centerspace (NYSE:CSR) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Centerspace (NYSE:CSR) in a report released on Wednesday morning, Benzinga reports. They currently have a $76.00 target price on the stock.

Several other analysts also recently weighed in on CSR. BTIG Research boosted their target price on shares of Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Raymond James downgraded shares of Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Finally, Piper Sandler upped their price objective on shares of Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Three equities research 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 an average rating of “Hold” and a consensus price target of $76.00.

Centerspace Stock Up 2.6 %

Shares of Centerspace stock opened at $70.88 on Wednesday. The firm’s 50 day moving average price is $72.37 and its 200-day moving average price is $69.93. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.79. Centerspace has a 52-week low of $46.76 and a 52-week high of $76.16. The company has a market cap of $1.08 billion, a P/E ratio of -44.02, a PEG ratio of 2.07 and a beta of 0.89.

Centerspace (NYSE:CSR) last released its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share 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 analysts’ expectations of $66.35 million. Centerspace had a negative return on equity of 0.67% and a negative net margin of 2.16%. During the same period in the prior year, the firm posted $1.20 EPS. On average, sell-side analysts predict that Centerspace will post 4.83 EPS for the current fiscal year.

Centerspace Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Monday, September 30th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.23%. The ex-dividend date was Monday, September 30th. Centerspace’s dividend payout ratio (DPR) is currently -186.34%.

Hedge Funds Weigh In On Centerspace

Several large investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Centerspace by 35.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 579 shares of the company’s stock valued at $41,000 after purchasing an additional 150 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of Centerspace by 0.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 23,116 shares of the company’s stock valued at $1,629,000 after purchasing an additional 170 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Centerspace by 3.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,736 shares of the company’s stock valued at $388,000 after purchasing an additional 171 shares during the period. Texas Permanent School Fund Corp lifted its stake in shares of Centerspace by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 13,174 shares of the company’s stock valued at $753,000 after purchasing an additional 176 shares during the period. Finally, State of Alaska Department of Revenue lifted its stake in shares of Centerspace by 1.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 16,110 shares of the company’s stock valued at $1,134,000 after purchasing an additional 208 shares during the period. 79.00% of the stock is currently owned by institutional investors and hedge funds.

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.