Centerspace (NYSE:CSR) Sees Significant Growth in Short Interest

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 recipient of a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 254,100 shares, agrowthof32.6% from the July 31st total of 191,600 shares. Based on an average trading volume of 110,200 shares, the short-interest ratio is currently 2.3 days. Based on an average trading volume of 110,200 shares, the short-interest ratio is currently 2.3 days.

Analysts Set New Price Targets

CSR has been the topic of several recent analyst reports. UBS Group dropped their target price on Centerspace from $67.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Wells Fargo & Company dropped their target price on Centerspace from $68.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 27th. Raymond James Financial upgraded Centerspace from an "outperform" rating to a "strong-buy" rating and boosted their target price for the stock from $66.00 to $69.00 in a research report on Thursday, May 15th. Finally, Wall Street Zen cut Centerspace from a "hold" rating to a "sell" rating in a research report on Sunday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $68.75.

Centerspace Price Performance

Shares of CSR traded down $0.41 on Tuesday, reaching $60.12. The stock had a trading volume of 4,641 shares, compared to its average volume of 100,431. The firm has a market capitalization of $1.01 billion, a PE ratio of -33.40 and a beta of 0.75. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.97. The firm has a 50-day moving average of $57.77 and a 200 day moving average of $60.59. Centerspace has a twelve month low of $52.76 and a twelve month high of $75.92.

Centerspace (NYSE:CSR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.26 by $0.02. The business had revenue of $68.55 million for 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%. Centerspace has set its FY 2025 guidance at 4.880-5.000 EPS. Sell-side analysts expect that Centerspace will post 4.94 EPS for the current year.

Centerspace Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be issued a $0.77 dividend. The ex-dividend date is Monday, September 29th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 5.1%. Centerspace's dividend payout ratio is currently -171.11%.

Insider Activity at Centerspace

In related news, CEO Anne Olson purchased 750 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $55.10 per share, for a total transaction of $41,325.00. Following 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Bhairav Patel purchased 500 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average price of $54.00 per share, for a total transaction of $27,000.00. Following the transaction, the chief financial officer directly owned 3,733 shares in the company, valued at $201,582. This trade represents a 15.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 1,750 shares of company stock worth $95,325 in the last quarter. Company insiders own 0.44% of the company's stock.

Institutional Investors Weigh In On Centerspace

A number of institutional investors and hedge funds have recently modified their holdings of CSR. First Trust Advisors LP purchased a new stake in Centerspace in the 4th quarter valued at approximately $223,000. Northern Trust Corp lifted its stake in Centerspace by 28.5% in the 4th quarter. Northern Trust Corp now owns 230,816 shares of the company's stock valued at $15,268,000 after buying an additional 51,259 shares in the last quarter. Comerica Bank lifted its stake in Centerspace by 5.6% in the 4th quarter. Comerica Bank now owns 5,938 shares of the company's stock valued at $393,000 after buying an additional 313 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Centerspace in the 4th quarter valued at approximately $687,000. Finally, Bank of America Corp DE lifted its stake in Centerspace by 24.0% in the 4th quarter. Bank of America Corp DE now owns 29,488 shares of the company's stock valued at $1,951,000 after buying an additional 5,702 shares in the last quarter. Institutional investors and hedge funds own 79.00% of the company's stock.

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.

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.