Cubist Systematic Strategies LLC Sells 11,576 Shares of Centerspace $CSR

Key Points

• Cubist Systematic Strategies LLC sold 11,576 shares of Centerspace, reducing its holdings by 41.3% and owning 0.10% of the company valued at approximately $1,067,000.
• Analyst upgrades for Centerspace include a boost from Raymond James from "outperform" to "strong-buy" with a new price target of $69.00, while Wells Fargo and UBS have lowered their price targets to $60.00.
• CEO Anne Olson purchased 750 shares at an average price of $55.10, indicating confidence in the company despite the recent decline in stock price.

Cubist Systematic Strategies LLC trimmed its stake in Centerspace (NYSE:CSR - Free Report) by 41.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,476 shares of the company's stock after selling 11,576 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.10% of Centerspace worth $1,067,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Illinois Municipal Retirement Fund boosted its position 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 buying an additional 225 shares during the period. California State Teachers Retirement System boosted its position in shares of Centerspace by 1.9% in the fourth quarter. California State Teachers Retirement System now owns 14,401 shares of the company's stock worth $953,000 after buying an additional 268 shares during the period. Hsbc Holdings PLC boosted its position in shares of Centerspace by 2.2% in the first quarter. Hsbc Holdings PLC now owns 13,863 shares of the company's stock worth $898,000 after buying an additional 294 shares during the period. Comerica Bank boosted its position in shares of Centerspace by 5.6% in the fourth quarter. Comerica Bank now owns 5,938 shares of the company's stock worth $393,000 after buying an additional 313 shares during the period. Finally, Arizona State Retirement System boosted its position in shares of Centerspace by 7.0% in 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 period. 79.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Centerspace

In other Centerspace news, Director John A. Schissel acquired 500 shares of the company's stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $54.00 per share, for a total transaction of $27,000.00. Following the completion of the purchase, the director owned 14,398 shares of the company's stock, valued at approximately $777,492. This trade represents a 3.60% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Bhairav Patel acquired 500 shares of the company's stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $54.00 per share, for a total transaction of $27,000.00. Following the completion of the purchase, the chief financial officer directly owned 3,733 shares of the company's stock, valued at $201,582. This trade represents a 15.47% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,750 shares of company stock worth $95,325. Company insiders own 0.44% of the company's stock.

Centerspace Stock Down 1.3%

Shares of NYSE:CSR traded down $0.76 on Friday, reaching $58.46. The company had a trading volume of 58,358 shares, compared to its average volume of 94,165. Centerspace has a twelve month low of $52.76 and a twelve month high of $75.92. The stock has a 50-day moving average price of $57.61 and a 200 day moving average price of $60.45. The stock has a market capitalization of $979.65 million, a P/E ratio of -32.48 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.

Centerspace (NYSE:CSR - Get Free Report) last announced 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 company had revenue of $68.55 million during 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. On average, equities analysts expect that Centerspace will post 4.94 EPS for the current year.

Centerspace Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Monday, September 29th will be paid 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 5.3%. Centerspace's payout ratio is presently -171.11%.

Analyst Ratings Changes

Several brokerages have recently commented on CSR. UBS Group decreased their target price on Centerspace from $67.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Wells Fargo & Company decreased their target price on Centerspace from $68.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 27th. Finally, Wall Street Zen cut Centerspace from a "hold" rating to a "sell" rating in a research report on Sunday, September 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $68.75.

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.