Centerspace (NYSE:CSR) Sets New 12-Month High Following Analyst Upgrade

Shares of Centerspace (NYSE:CSR - Get Free Report) reached a new 52-week high on Monday after Piper Sandler raised their price target on the stock from $63.00 to $64.00. Piper Sandler currently has a neutral rating on the stock. Centerspace traded as high as $70.16 and last traded at $69.83, with a volume of 7970 shares. The stock had previously closed at $68.71.

A number of other equities research analysts have also recently weighed in on CSR. Royal Bank of Canada upped their price objective on shares of Centerspace from $66.00 to $68.00 and gave the company an "outperform" rating in a research note on Wednesday, May 1st. Compass Point cut Centerspace from a "buy" rating to a "neutral" rating and upped their target price for the company from $65.00 to $68.00 in a research report on Friday. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Centerspace has an average rating of "Hold" and an average target price of $66.33.

Insider Activity at Centerspace

In related news, Director John A. Schissel bought 500 shares of the stock in a transaction on Monday, March 11th. The shares were bought at an average cost of $56.40 per share, for a total transaction of $28,200.00. Following the purchase, the director now owns 9,522 shares of the company's stock, valued at approximately $537,040.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.92% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Centerspace

A number of large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position in Centerspace by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 251,117 shares of the company's stock valued at $14,615,000 after purchasing an additional 3,272 shares during the period. Invesco Ltd. raised its stake in shares of Centerspace by 1.7% during the 3rd quarter. Invesco Ltd. now owns 104,712 shares of the company's stock worth $6,310,000 after buying an additional 1,789 shares in the last quarter. Westwood Holdings Group Inc. acquired a new stake in shares of Centerspace in the 4th quarter valued at approximately $5,238,000. Principal Financial Group Inc. boosted its stake in shares of Centerspace by 5.1% in the first quarter. Principal Financial Group Inc. now owns 82,460 shares of the company's stock valued at $4,712,000 after buying an additional 3,984 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in Centerspace by 181.8% during the fourth quarter. Panagora Asset Management Inc. now owns 41,413 shares of the company's stock worth $2,410,000 after acquiring an additional 26,716 shares during the period. Hedge funds and other institutional investors own 79.00% of the company's stock.

Centerspace Price Performance

The stock has a market cap of $1.03 billion, a PE ratio of -86.66, a PEG ratio of 2.07 and a beta of 0.87. The company has a 50-day simple moving average of $59.26 and a 200-day simple moving average of $56.25. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.04 and a quick ratio of 0.04.

Centerspace (NYSE:CSR - Get Free Report) last announced its quarterly earnings results on Monday, April 29th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.12 by ($1.49). Centerspace had a negative net margin of 2.38% and a negative return on equity of 0.73%. The company had revenue of $64.51 million during the quarter, compared to analysts' expectations of $65.30 million. During the same quarter in the prior year, the business earned $1.07 EPS. Sell-side analysts anticipate that Centerspace will post 4.75 EPS for the current fiscal year.

Centerspace Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Thursday, March 28th were issued a $0.75 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.33%. This is a boost from Centerspace's previous quarterly dividend of $0.73. Centerspace's dividend payout ratio is currently -375.00%.

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.