98,650 Shares in Centerspace (NYSE:CSR) Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH acquired 98,650 shares of Centerspace (NYSE:CSR), valued at approximately $6.39 million, representing a 0.59% ownership stake as of their latest SEC filing.
• Several brokerages have recently adjusted their ratings on Centerspace, resulting in a mix of recommendations including "strong-buy" and "neutral," with an average price target of $70.78.
• Centerspace reported earnings of $1.21 per share, meeting analysts' expectations, and announced a quarterly dividend of $0.77 per share, reflecting a 5.42% dividend yield.

Allianz Asset Management GmbH acquired a new stake in Centerspace (NYSE:CSR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 98,650 shares of the company's stock, valued at approximately $6,388,000. Allianz Asset Management GmbH owned approximately 0.59% of Centerspace at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CSR. Arizona State Retirement System increased its holdings in Centerspace by 7.0% during the first quarter. Arizona State Retirement System now owns 4,753 shares of the company's stock worth $308,000 after buying an additional 313 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Centerspace by 12.7% in the first quarter. Cerity Partners LLC now owns 11,700 shares of the company's stock valued at $758,000 after acquiring an additional 1,320 shares in the last quarter. Principal Financial Group Inc. lifted its position in Centerspace by 2.6% during the first quarter. Principal Financial Group Inc. now owns 93,126 shares of the company's stock worth $6,030,000 after purchasing an additional 2,373 shares during the period. Peregrine Capital Management LLC lifted its position in Centerspace by 1.6% during the first quarter. Peregrine Capital Management LLC now owns 91,754 shares of the company's stock worth $5,941,000 after purchasing an additional 1,445 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its holdings in shares of 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 acquiring an additional 225 shares during the last quarter. Institutional investors own 79.00% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on CSR shares. Raymond James Financial raised shares of Centerspace from an "outperform" rating to a "strong-buy" rating and raised their price objective for the stock from $66.00 to $69.00 in a research report on Thursday, May 15th. UBS Group dropped their price objective on Centerspace from $67.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Royal Bank Of Canada raised their price objective on Centerspace from $71.00 to $72.00 and gave the company an "outperform" rating in a research note on Monday, May 5th. BMO Capital Markets raised Centerspace from a "market perform" rating to an "outperform" rating and set a $77.00 target price for the company in a report on Friday, April 4th. Finally, Piper Sandler dropped their price target on Centerspace from $75.00 to $68.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.78.

Centerspace Stock Down 1.0%

CSR stock traded down $0.56 on Thursday, hitting $55.15. 13,427 shares of the company's stock were exchanged, compared to its average volume of 98,708. The stock has a market cap of $923.21 million, a P/E ratio of -49.15 and a beta of 0.72. Centerspace has a 12-month low of $54.13 and a 12-month high of $76.16. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.05 and a current ratio of 0.05. The firm has a 50 day moving average price of $61.21 and a two-hundred day moving average price of $61.60.

Centerspace (NYSE:CSR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $1.21 earnings per share for the quarter, hitting the consensus estimate of $1.21. Centerspace had a negative return on equity of 1.30% and a negative net margin of 4.23%. The company had revenue of $67.09 million during the quarter, compared to analyst estimates of $66.70 million. As a group, equities research analysts expect that Centerspace will post 4.94 EPS for the current fiscal year.

Centerspace Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Friday, June 27th were given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 5.58%. The ex-dividend date was Friday, June 27th. Centerspace's dividend payout ratio (DPR) is currently -275.00%.

Centerspace Profile

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.