Insider Buying: Centerspace (NYSE:CSR) CFO Acquires 500 Shares of Stock

Key Points

• Centerspace CFO Bhairav Patel purchased 500 shares of the company's stock at an average price of $54.00, increasing his total holdings to 3,733 shares, valued at approximately $201,582.
• In its latest earnings report, Centerspace exceeded analyst expectations with $1.28 earnings per share and revenues of $68.55 million for the quarter.
• The company announced a quarterly dividend of $0.77 per share, giving it an annualized dividend yield of 5.7%, despite a negative dividend payout ratio of -171.11%.

Centerspace (NYSE:CSR - Get Free Report) CFO Bhairav Patel bought 500 shares of the business's stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $54.00 per share, for a total transaction of $27,000.00. Following the transaction, the chief financial officer owned 3,733 shares in the company, valued at approximately $201,582. The trade was a 15.47% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Centerspace Stock Up 0.7%

NYSE:CSR traded up $0.41 during midday trading on Friday, reaching $55.37. 86,626 shares of the stock traded hands, compared to its average volume of 109,263. Centerspace has a 12-month low of $52.76 and a 12-month high of $76.16. The business has a 50-day moving average of $59.18 and a two-hundred day moving average of $61.03. 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 stock has a market capitalization of $928.00 million, a PE ratio of -30.76 and a beta of 0.72.

Centerspace (NYSE:CSR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.26 by $0.02. The company had revenue of $68.55 million during the quarter, compared to analysts' expectations of $67.89 million. Centerspace had a negative return on equity of 2.81% and a negative net margin of 9.13%. On average, equities analysts forecast that Centerspace will post 4.94 earnings per share for the current fiscal year.

Centerspace Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Friday, June 27th were paid a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 5.6%. The ex-dividend date was Friday, June 27th. Centerspace's dividend payout ratio (DPR) is presently -171.11%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wall Street Zen downgraded shares of Centerspace from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Piper Sandler cut their price objective on Centerspace from $75.00 to $68.00 and set a "neutral" rating on the stock in a research report on Monday, May 5th. Royal Bank Of Canada upped their price objective on Centerspace from $71.00 to $72.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. Raymond James Financial upgraded shares of Centerspace from an "outperform" rating to a "strong-buy" rating and upped their target price for the stock from $66.00 to $69.00 in a research note on Thursday, May 15th. Finally, UBS Group lowered their price objective on shares of Centerspace from $67.00 to $60.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $69.75.

Hedge Funds Weigh In On Centerspace

A number of institutional investors have recently bought and sold shares of CSR. Hilltop National Bank acquired a new position in shares of Centerspace in the 2nd quarter valued at about $29,000. Sterling Capital Management LLC lifted its stake in shares of Centerspace by 903.8% in the 4th quarter. Sterling Capital Management LLC now owns 522 shares of the company's stock valued at $35,000 after purchasing an additional 470 shares during the period. Wolff Wiese Magana LLC lifted its stake in shares of Centerspace by 897.3% in the 2nd quarter. Wolff Wiese Magana LLC now owns 748 shares of the company's stock valued at $45,000 after purchasing an additional 673 shares during the period. New Age Alpha Advisors LLC acquired a new position in shares of Centerspace in the 1st quarter valued at $86,000. Finally, Summit Investment Advisors Inc. lifted its stake in shares of Centerspace by 15.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,732 shares of the company's stock valued at $115,000 after purchasing an additional 229 shares during the period. 79.00% of the stock is owned by hedge funds and other institutional investors.

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.