Centerspace (NYSE:CSR) Short Interest Up 32.6% in August

Key Points

• Centerspace (NYSE:CSR) experienced a 32.6% increase in short interest, rising from 191,600 shares in July to 254,100 shares in August.
• Several analysts have revised their target prices for the stock, with UBS and Wells Fargo lowering theirs to $60.00, while Raymond James upgraded it to $69.00.
• The company declared a quarterly dividend of $0.77 per share, which translates to an annualized dividend yield of 5.1%.

Centerspace (NYSE:CSR - Get Free Report) was the target of a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 254,100 shares, an increase of 32.6% from the July 31st total of 191,600 shares. Based on an average daily trading volume, of 110,200 shares, the days-to-cover ratio is currently 2.3 days. Based on an average daily trading volume, of 110,200 shares, the days-to-cover ratio is currently 2.3 days.

Insider Buying and Selling

In other Centerspace news, Director John A. Schissel acquired 500 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $54.00 per share, for a total transaction of $27,000.00. Following the transaction, the director directly owned 14,398 shares in the company, valued at $777,492. This represents a 3.60% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Anne Olson bought 750 shares of the company's stock in a transaction on Friday, August 8th. The stock was purchased at an average price of $55.10 per share, with a total value of $41,325.00. Following the completion of the transaction, the chief executive officer directly owned 19,496 shares of the company's stock, valued at approximately $1,074,229.60. The trade was a 4.00% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 1,750 shares of company stock worth $95,325 in the last ninety days. 0.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Centerspace

Hedge funds have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund increased its holdings in Centerspace by 2.6% in the first quarter. Illinois Municipal Retirement Fund now owns 8,726 shares of the company's stock worth $565,000 after purchasing an additional 225 shares in the last quarter. Vanguard Group Inc. increased its holdings in Centerspace by 0.3% in the first quarter. Vanguard Group Inc. now owns 2,603,360 shares of the company's stock worth $168,568,000 after purchasing an additional 8,994 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC increased its holdings in Centerspace by 157.4% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 57,468 shares of the company's stock worth $3,721,000 after purchasing an additional 35,139 shares in the last quarter. Deutsche Bank AG increased its holdings in Centerspace by 28.5% in the fourth quarter. Deutsche Bank AG now owns 19,400 shares of the company's stock worth $1,283,000 after purchasing an additional 4,301 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in Centerspace by 21.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 24,322 shares of the company's stock worth $1,575,000 after purchasing an additional 4,369 shares in the last quarter. 79.00% of the stock is currently owned by institutional investors.

Centerspace Trading Down 1.3%

Shares of CSR traded down $0.76 during mid-day trading on Friday, reaching $58.46. 58,358 shares of the company were exchanged, compared to its average volume of 94,165. Centerspace has a 52 week low of $52.76 and a 52 week high of $75.92. 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 $979.65 million, a PE ratio of -32.48 and a beta of 0.75. The business has a 50 day simple moving average of $57.61 and a two-hundred day simple moving average of $60.45.

Centerspace (NYSE:CSR - Get Free Report) last issued its quarterly earnings data 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. Centerspace had a negative return on equity of 2.81% and a negative net margin of 9.13%.The company had revenue of $68.55 million during the quarter, compared to the consensus estimate of $67.89 million. Centerspace has set its FY 2025 guidance at 4.880-5.000 EPS. On average, analysts predict that Centerspace will post 4.94 earnings per share for the current fiscal year.

Centerspace Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Monday, September 29th will be issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Monday, September 29th. Centerspace's payout ratio is presently -171.11%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Wells Fargo & Company dropped their target price on Centerspace from $68.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 27th. UBS Group dropped their target price on Centerspace from $67.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Finally, Wall Street Zen downgraded Centerspace from a "hold" rating to a "sell" rating in a research report on Sunday, September 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.75.

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.