Centerspace $CSR Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Centerspace by 21.8%, selling 175,373 shares and retaining approximately 3.76% of the company, valued at $40.7 million.
• Centerspace's recent quarterly earnings report showed a positive EPS of $1.28, surpassing analyst expectations, with revenue of $68.55 million.
• The company announced a quarterly dividend of $0.77, translating to an annualized dividend yield of 5.3%, although it has a negative dividend payout ratio of -171.11%.

Wellington Management Group LLP trimmed its holdings in shares of Centerspace (NYSE:CSR - Free Report) by 21.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 628,598 shares of the company's stock after selling 175,373 shares during the period. Wellington Management Group LLP owned about 3.76% of Centerspace worth $40,702,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. New Age Alpha Advisors LLC purchased a new position in shares of Centerspace during the 1st quarter worth approximately $86,000. First Trust Advisors LP purchased a new position in shares of Centerspace during the 4th quarter worth approximately $223,000. Graham Capital Management L.P. purchased a new position in shares of Centerspace during the 4th quarter worth approximately $227,000. Captrust Financial Advisors raised its stake in shares of Centerspace by 14.0% during the 4th quarter. Captrust Financial Advisors now owns 3,780 shares of the company's stock worth $250,000 after buying an additional 464 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in shares of Centerspace by 7.0% during the 1st quarter. Arizona State Retirement System now owns 4,753 shares of the company's stock worth $308,000 after buying an additional 313 shares in the last quarter. 79.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CSR shares. Wall Street Zen downgraded Centerspace from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. 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. UBS Group dropped their price objective on Centerspace from $67.00 to $60.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Raymond James Financial raised Centerspace from an "outperform" rating to a "strong-buy" rating and raised their price objective for the company from $66.00 to $69.00 in a research note on Thursday, May 15th. Finally, Wells Fargo & Company dropped their price objective on Centerspace from $68.00 to $60.00 and set an "equal weight" rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $68.75.

Centerspace Price Performance

NYSE CSR traded up $0.63 during mid-day trading on Friday, hitting $59.35. The stock had a trading volume of 82,199 shares, compared to its average volume of 109,037. The company has a 50 day simple moving average of $57.98 and a 200 day simple moving average of $60.77. The company has a market cap of $994.71 million, a price-to-earnings ratio of -32.97 and a beta of 0.72. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.97. Centerspace has a 52-week low of $52.76 and a 52-week high of $76.16.

Centerspace (NYSE:CSR - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.26 by $0.02. The firm 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. Equities analysts forecast that Centerspace will post 4.94 EPS for the current fiscal year.

Centerspace Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Friday, June 27th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Friday, June 27th. Centerspace's dividend payout ratio is -171.11%.

Insider Buying and Selling at Centerspace

In related news, CFO Bhairav Patel bought 500 shares of the stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $54.00 per share, for a total transaction of $27,000.00. Following the acquisition, the chief financial officer owned 3,733 shares in the company, valued at $201,582. This represents a 15.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Anne Olson bought 750 shares of the stock in a transaction on Friday, August 8th. The shares were bought at an average price of $55.10 per share, for a total transaction of $41,325.00. Following the acquisition, the chief executive officer owned 19,496 shares in the company, valued at $1,074,229.60. The trade was a 4.00% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 1,750 shares of company stock worth $95,325. 0.44% of the stock is owned by insiders.

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.