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Centerspace (NYSE:CSR) CFO Bhairav Patel Buys 500 Shares

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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%.
  • Need better tools to track Centerspace? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Centerspace (NYSE:CSR - Get Free Report) CFO Bhairav Patel acquired 500 shares of the company's stock in a transaction dated Friday, August 8th. The shares were purchased at an average cost of $54.00 per share, with a total value of $27,000.00. Following the acquisition, the chief financial officer owned 3,733 shares of the company's stock, valued at approximately $201,582. This represents a 15.47% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Centerspace Stock Performance

Shares of NYSE CSR traded up $0.13 during midday trading on Monday, reaching $53.64. 128,757 shares of the stock were exchanged, compared to its average volume of 100,862. The firm has a market cap of $898.92 million, a price-to-earnings ratio of -29.80 and a beta of 0.72. Centerspace has a twelve month low of $52.76 and a twelve month high of $76.16. The firm has a 50-day simple moving average of $60.05 and a two-hundred day simple moving average of $61.26. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.97.

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

Centerspace Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Friday, June 27th were paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date was Friday, June 27th. Centerspace's dividend payout ratio (DPR) is -171.11%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Piper Sandler lowered their price objective on shares of Centerspace from $75.00 to $68.00 and set a "neutral" rating on the stock in a research note on Monday, May 5th. Royal Bank Of Canada upped their price target on shares of Centerspace from $71.00 to $72.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. UBS Group cut their price target on shares of Centerspace from $67.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Wall Street Zen cut shares of Centerspace from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Raymond James Financial raised shares of Centerspace from an "outperform" rating to a "strong-buy" rating and upped their price objective for the company from $66.00 to $69.00 in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Centerspace currently has an average rating of "Moderate Buy" and an average target price of $70.78.

View Our Latest Research Report on CSR

Institutional Investors Weigh In On Centerspace

A number of institutional investors have recently made changes to their positions in the company. Nuveen LLC bought a new position in Centerspace in the 1st quarter worth approximately $13,147,000. Millennium Management LLC raised its holdings in shares of 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 purchasing an additional 138,861 shares during the period. Allianz Asset Management GmbH acquired a new position in shares of Centerspace in the first quarter valued at approximately $6,388,000. Strs Ohio grew its position in Centerspace by 3,025.8% during the second quarter. Strs Ohio now owns 96,900 shares of the company's stock worth $5,832,000 after buying an additional 93,800 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC lifted its stake in Centerspace by 131.9% during the second quarter. Cbre Investment Management Listed Real Assets LLC now owns 133,241 shares of the company's stock worth $8,020,000 after purchasing an additional 75,773 shares during the last quarter. 79.00% of the stock is currently owned by institutional investors.

About Centerspace

(Get Free Report)

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.

See Also

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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