Pacific Heights Asset Management LLC Makes New Investment in Centerspace $CSR

Key Points

• Pacific Heights Asset Management acquired 300,000 Centerspace shares worth approximately $16.9 million, giving it a 1.79% stake. Institutional investors collectively own 79% of the company.
• Analyst sentiment is largely neutral: the stock has a consensus “Hold” rating and an average price target of $63.40, compared with a recent price of $52.56. Several brokerages recently lowered their targets or ratings.
• Centerspace reported quarterly EPS of negative $0.07, beating estimates, while revenue of $65.78 million fell slightly short of forecasts. The company also maintains a $0.77 quarterly dividend, representing a 5.9% annualized yield.

Pacific Heights Asset Management LLC purchased a new stake in shares of Centerspace (NYSE:CSR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 300,000 shares of the company's stock, valued at approximately $16,857,000. Pacific Heights Asset Management LLC owned 1.79% of Centerspace as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CSR. Sound Income Strategies LLC lifted its stake in shares of Centerspace by 67.4% in the 1st quarter. Sound Income Strategies LLC now owns 626 shares of the company's stock valued at $36,000 after acquiring an additional 252 shares during the last quarter. Covestor Ltd increased its stake in Centerspace by 57,100.0% in the 4th quarter. Covestor Ltd now owns 572 shares of the company's stock worth $38,000 after purchasing an additional 571 shares during the period. Avalon Trust Co increased its stake in Centerspace by 36.3% in the 1st quarter. Avalon Trust Co now owns 709 shares of the company's stock worth $41,000 after purchasing an additional 189 shares during the period. Danske Bank A S bought a new stake in Centerspace in the fourth quarter valued at approximately $47,000. Finally, Kestra Advisory Services LLC bought a new stake in Centerspace in the fourth quarter valued at approximately $58,000. Hedge funds and other institutional investors own 79.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CSR. Wells Fargo & Company cut their target price on shares of Centerspace from $70.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 22nd. BTIG Research cut Centerspace from a "buy" rating to a "neutral" rating in a research note on Tuesday, June 16th. Zacks Research downgraded Centerspace from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 18th. UBS Group increased their price objective on Centerspace from $66.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Finally, Royal Bank Of Canada cut their price objective on Centerspace from $67.00 to $64.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 5th. One 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's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $63.40.

Centerspace Price Performance

NYSE CSR opened at $52.56 on Friday. Centerspace has a one year low of $52.53 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. The stock has a 50-day moving average of $55.59 and a 200 day moving average of $60.27. The company has a market capitalization of $882.42 million, a price-to-earnings ratio of 41.71 and a beta of 0.88.

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

Centerspace Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 14th. Investors of record on Monday, June 29th were given a dividend of $0.77 per share. The ex-dividend date was Monday, June 29th. This represents a $3.08 annualized dividend and a yield of 5.9%. Centerspace's payout ratio is 244.44%.

Insider Buying and Selling

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

Centerspace Company Profile

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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