Centerspace (NYSE:CSR) Stock Breaks Above 50-Day Moving Average - Here's What Happened

Centerspace (NYSE:CSR - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $56.35 and traded as high as $56.98. Centerspace shares last traded at $56.94, with a volume of 85,835 shares traded.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Compass Point raised Centerspace from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $64.50 to $80.00 in a report on Wednesday, September 9th. Royal Bank Of Canada dropped their target price on Centerspace from $67.00 to $64.00 and set an "outperform" rating on the stock in a report on Wednesday, August 5th. Weiss Ratings raised Centerspace from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday. UBS Group lifted their target price on Centerspace from $65.00 to $68.00 and gave the company a "neutral" rating in a research report on Tuesday, November 10th. Finally, Zacks Research upgraded Centerspace from a "strong sell" rating to a "hold" rating in a report on Tuesday, October 13th. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Centerspace presently has an average rating of "Hold" and an average target price of $63.00.

Centerspace Stock Up 1.2%

The company has a market capitalization of $957.73 million, a PE ratio of 10.64 and a beta of 0.82. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.34 and a current ratio of 0.34. The stock's 50 day moving average is $56.35 and its 200 day moving average is $59.24.

Centerspace (NYSE:CSR - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The company reported $7.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $7.13. Centerspace had a net margin of 35.40% and a return on equity of 10.82%. The business had revenue of $59.52 million during the quarter, compared to analyst estimates of $62.74 million. On average, sell-side analysts anticipate that Centerspace will post 4.67 EPS for the current fiscal year.

Centerspace Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Stockholders of record on Tuesday, September 29th were given a $0.77 dividend. The ex-dividend date was Tuesday, September 29th. This represents a $3.08 annualized dividend and a dividend yield of 5.4%. Centerspace's payout ratio is 57.57%.

Institutional Trading of Centerspace

A number of institutional investors have recently added to or reduced their stakes in CSR. BlackRock Inc. bought a new position in shares of Centerspace in the second quarter worth approximately $167,912,000. Pacific Heights Asset Management LLC purchased a new stake in Centerspace in the second quarter valued at approximately $16,857,000. Bank of New York Mellon Corp purchased a new stake in Centerspace in the second quarter valued at approximately $7,190,000. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in Centerspace during the second quarter valued at approximately $7,009,000. Finally, Legal & General Group Plc purchased a new position in Centerspace in the 2nd quarter worth approximately $5,386,000. Hedge funds and other institutional investors own 79.00% of the company's stock.

Centerspace Company Profile

Centerspace is a real estate investment trust that owns and operates apartment communities. Its business includes leasing residential units and providing property management and resident services. The company's portfolio is concentrated in the Upper Midwest and Mountain West, including markets such as Minneapolis–St. Paul, Denver, Colorado Springs and Omaha. Centerspace was formerly known as Investors Real Estate Trust (IRET) and adopted its current name in 2021 as it focused its business on apartment communities.

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