BlackRock Inc. Makes New Investment in Centerspace $CSR

Key Points

• BlackRock acquired a new 2.99 million-share stake in Centerspace worth approximately $167.9 million, giving it an 17.8% ownership position. Overall, institutional investors and hedge funds own about 79% of the company.
• Analyst sentiment remains cautious: Centerspace has an average rating of “Hold” from nine analysts, with a consensus price target of $63.40. Recent rating actions included downgrades and reduced price targets, despite one “Outperform” recommendation.
• Centerspace reported quarterly EPS of negative $0.07, beating expectations, and maintains a quarterly dividend of $0.77, equivalent to a 5.9% annualized yield. Shares opened at $52.48, near the company’s one-year low.

BlackRock Inc. acquired a new stake in Centerspace (NYSE:CSR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,988,295 shares of the company's stock, valued at approximately $167,912,000. BlackRock Inc. owned approximately 17.80% of Centerspace at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP increased its stake in Centerspace by 324.4% during the fourth quarter. Wellington Management Group LLP now owns 855,869 shares of the company's stock worth $57,104,000 after purchasing an additional 654,209 shares during the period. Voss Capital LP purchased a new stake in shares of Centerspace during the 4th quarter worth $22,068,000. Long Pond Capital LP boosted its position in shares of Centerspace by 108.0% during the 4th quarter. Long Pond Capital LP now owns 444,101 shares of the company's stock worth $29,630,000 after acquiring an additional 230,638 shares in the last quarter. Millennium Management LLC boosted its holdings in Centerspace by 307.3% in the first 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 in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Centerspace during the 2nd quarter worth $7,190,000. 79.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. UBS Group upped their price target on shares of Centerspace from $66.00 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. Piper Sandler reduced their price objective on Centerspace from $60.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday. BTIG Research downgraded Centerspace from a "buy" rating to a "neutral" rating in a research report on Tuesday, June 16th. Wall Street Zen raised Centerspace from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Royal Bank Of Canada dropped their price target on Centerspace from $67.00 to $64.00 and set an "outperform" rating for the company in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $63.40.

Insider Activity at Centerspace

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

Centerspace Stock Down 0.1%

CSR stock opened at $52.48 on Friday. The stock has a market capitalization of $881.14 million, a P/E ratio of 41.65 and a beta of 0.88. The company has a 50 day moving average price of $55.53 and a two-hundred day moving average price of $60.21. Centerspace has a one year low of $52.43 and a one year high of $69.61. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.03 and a current ratio of 0.03.

Centerspace (NYSE:CSR - Get Free Report) last posted 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 company had revenue of $65.78 million during the quarter, compared to analysts' expectations of $66.29 million. Centerspace had a return on equity of 2.58% and a net margin of 7.97%.Centerspace has set its FY 2026 guidance at 4.580-4.680 EPS. As a group, sell-side analysts expect that Centerspace will post 4.67 EPS for the current year.

Centerspace Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Monday, June 29th were paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date was Monday, June 29th. Centerspace's dividend payout ratio (DPR) is 244.44%.

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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