Bank of New York Mellon Corp Invests $7.19 Million in Centerspace $CSR

Key Points

• Bank of New York Mellon bought 127,961 Centerspace shares worth approximately $7.19 million, giving it about a 0.76% stake. Institutional investors collectively own 79% of the company.
• Centerspace insiders also purchased shares, including directors Rodney Jones-Tyson and John A. Schissel, who bought approximately $121,392 worth in total.
• Shares opened at $52.27, near the company’s one-year low, while analysts maintain a consensus “Hold” rating with a $62.80 price target. The company recently beat quarterly EPS expectations but reported revenue slightly below estimates.

Bank of New York Mellon Corp purchased a new stake in shares of Centerspace (NYSE:CSR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 127,961 shares of the company's stock, valued at approximately $7,190,000. Bank of New York Mellon Corp owned approximately 0.76% of Centerspace as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Avalon Trust Co grew its stake in Centerspace by 36.3% in the first quarter. Avalon Trust Co now owns 709 shares of the company's stock worth $41,000 after purchasing an additional 189 shares in the last quarter. Captrust Financial Advisors increased its holdings in Centerspace by 4.9% during the 4th quarter. Captrust Financial Advisors now owns 4,348 shares of the company's stock worth $290,000 after purchasing an additional 202 shares during the period. Engineers Gate Manager LP raised its position in Centerspace by 6.4% during the 4th quarter. Engineers Gate Manager LP now owns 4,091 shares of the company's stock valued at $273,000 after purchasing an additional 246 shares in the last quarter. State of Tennessee Department of Treasury raised its position in Centerspace by 3.7% during the 2nd quarter. State of Tennessee Department of Treasury now owns 6,877 shares of the company's stock valued at $414,000 after purchasing an additional 247 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its holdings in shares of Centerspace by 67.4% in the 1st quarter. Sound Income Strategies LLC now owns 626 shares of the company's stock worth $36,000 after buying an additional 252 shares during the period. Hedge funds and other institutional investors own 79.00% of the company's stock.

Insider Buying and Selling

In other news, Director Rodney Jones-Tyson bought 1,700 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was bought at an average price of $55.26 per share, with a total value of $93,942.00. Following the completion of the transaction, the director directly owned 7,877 shares of the company's stock, valued at approximately $435,283.02. The trade was a 27.52% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Schissel bought 500 shares of the stock in a transaction on Thursday, June 18th. The stock was purchased at an average price of $54.90 per share, with a total value of $27,450.00. Following the completion of the purchase, the director owned 17,195 shares of the company's stock, valued at $944,005.50. This represents a 2.99% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.49% of the stock is owned by insiders.

Centerspace Price Performance

CSR opened at $52.27 on Friday. The business's 50-day moving average is $55.21 and its two-hundred day moving average is $59.86. Centerspace has a 1 year low of $52.02 and a 1 year high of $69.61. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.03 and a quick ratio of 0.03. The firm has a market capitalization of $877.61 million, a PE ratio of 41.48 and a beta of 0.86.

Centerspace (NYSE:CSR - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.06. The business had revenue of $65.78 million during the quarter, compared to analyst estimates of $66.29 million. Centerspace had a net margin of 7.97% and a return on equity of 2.58%. Centerspace has set its FY 2026 guidance at 4.580-4.680 EPS. Research analysts anticipate that Centerspace will post 4.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. BTIG Research downgraded Centerspace from a "buy" rating to a "neutral" rating in a research report on Tuesday, June 16th. Zacks Research downgraded Centerspace from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 18th. Piper Sandler lowered their price objective on shares of Centerspace from $60.00 to $58.00 and set a "neutral" rating for the company in a research note on Thursday, August 27th. UBS Group increased their target price on shares of Centerspace from $66.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Finally, Wells Fargo & Company cut their target price on shares of Centerspace from $60.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Centerspace presently has a consensus rating of "Hold" and a consensus price target of $62.80.

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. Centerspace was named a Top Workplace for the fourth consecutive year in 2023 by the Minneapolis Star Tribune.

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