Invesco Ltd. Acquires 33,069 Shares of Centerspace $CSR

Key Points

• Invesco Ltd. increased its stake in Centerspace (NYSE: CSR) by 32.3% in the first quarter, owning 135,365 shares valued at approximately $8.77 million.
• Centerspace reported quarterly earnings of $1.28 EPS, exceeding expectations and had a revenue of $68.55 million during the same period.
• The company declared a quarterly dividend of $0.77 per share, representing a 5.3% dividend yield despite a significant negative payout ratio of -171.11%.

Invesco Ltd. raised its stake in shares of Centerspace (NYSE:CSR - Free Report) by 32.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 135,365 shares of the company's stock after buying an additional 33,069 shares during the quarter. Invesco Ltd. owned about 0.81% of Centerspace worth $8,765,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Illinois Municipal Retirement Fund grew its holdings in Centerspace by 2.6% during the 1st quarter. Illinois Municipal Retirement Fund now owns 8,726 shares of the company's stock valued at $565,000 after buying an additional 225 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Centerspace by 0.3% during the first quarter. Vanguard Group Inc. now owns 2,603,360 shares of the company's stock worth $168,568,000 after purchasing an additional 8,994 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Centerspace by 28.5% during the fourth quarter. Deutsche Bank AG now owns 19,400 shares of the company's stock worth $1,283,000 after purchasing an additional 4,301 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Centerspace by 21.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 24,322 shares of the company's stock worth $1,575,000 after purchasing an additional 4,369 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Centerspace by 24.0% during the fourth quarter. Bank of America Corp DE now owns 29,488 shares of the company's stock worth $1,951,000 after purchasing an additional 5,702 shares in the last quarter. Hedge funds and other institutional investors own 79.00% of the company's stock.

Centerspace Price Performance

CSR traded up $0.63 during midday 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 debt-to-equity ratio of 0.97, a quick ratio of 0.05 and a current ratio of 0.05. Centerspace has a 1 year low of $52.76 and a 1 year high of $76.16. The business has a fifty day moving average of $57.98 and a 200 day moving average of $60.76. The company has a market cap of $994.71 million, a P/E ratio of -32.97 and a beta of 0.72.

Centerspace (NYSE:CSR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.02. Centerspace had a negative return on equity of 2.81% and a negative net margin of 9.13%.The firm had revenue of $68.55 million during the quarter, compared to the consensus estimate of $67.89 million. Centerspace has set its FY 2025 guidance at 4.880-5.000 EPS. As a group, equities analysts forecast that Centerspace will post 4.94 earnings per share for the current fiscal year.

Centerspace Announces Dividend

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

Insider Buying and Selling at Centerspace

In related news, Director John A. Schissel acquired 500 shares of the stock in a transaction on Friday, August 8th. The stock was purchased at an average price of $54.00 per share, for a total transaction of $27,000.00. Following the completion of the transaction, the director owned 14,398 shares of the company's stock, valued at $777,492. This trade represents a 3.60% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Anne Olson acquired 750 shares of the stock in a transaction on Friday, August 8th. The stock was bought at an average price of $55.10 per share, with a total value of $41,325.00. Following the transaction, the chief executive officer directly owned 19,496 shares of the company's stock, valued at approximately $1,074,229.60. The trade was a 4.00% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 1,750 shares of company stock worth $95,325. 0.44% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CSR has been the subject of several recent analyst reports. Wells Fargo & Company cut their price objective on Centerspace from $68.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday. Piper Sandler cut their price objective on Centerspace from $75.00 to $68.00 and set a "neutral" rating for the company in a report on Monday, May 5th. UBS Group cut their price objective on Centerspace from $67.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Raymond James Financial raised Centerspace from an "outperform" rating to a "strong-buy" rating and boosted their price objective for the stock from $66.00 to $69.00 in a report on Thursday, May 15th. Finally, Wall Street Zen raised Centerspace from a "sell" rating to a "hold" rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Centerspace currently has an average rating of "Moderate Buy" and an average 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.