Centerspace (NYSE:CSR) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen has downgraded Centerspace (NYSE:CSR) from a "hold" rating to a "sell" rating, reflecting a negative outlook on the company's stock.
• Despite the downgrade, other analysts have varied opinions on Centerspace, with Royal Bank Of Canada giving an "outperform" rating and raising its price objective to $72.00.
• As of the last trading session, Centerspace has a market capitalization of approximately $897.50 million, with the stock price currently at $53.55.

Centerspace (NYSE:CSR - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

A number of other analysts also recently issued reports on the company. UBS Group lowered their price target on Centerspace from $67.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Piper Sandler lowered their price target on Centerspace from $75.00 to $68.00 and set a "neutral" rating for the company in a research report on Monday, May 5th. Raymond James Financial upgraded Centerspace from an "outperform" rating to a "strong-buy" rating and raised their price target for the stock from $66.00 to $69.00 in a research report on Thursday, May 15th. Finally, Royal Bank Of Canada raised their price target on Centerspace from $71.00 to $72.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $70.78.

Centerspace Stock Performance

Shares of NYSE:CSR traded up $0.13 during mid-day trading on Friday, reaching $53.64. 128,760 shares of the company traded hands, compared to its average volume of 101,223. The company's 50 day moving average price is $60.05 and its 200-day moving average price is $61.26. The firm has a market cap of $898.92 million, a PE ratio of -29.80 and a beta of 0.72. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.05 and a quick ratio of 0.05. Centerspace has a 52 week low of $52.76 and a 52 week high of $76.16.

Centerspace (NYSE:CSR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.26 by $0.02. Centerspace had a negative net margin of 9.13% and a negative return on equity of 2.81%. The business had revenue of $68.55 million during the quarter, compared to analyst estimates of $67.89 million. On average, equities analysts expect that Centerspace will post 4.94 EPS for the current fiscal year.

Insider Transactions at Centerspace

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

Hedge Funds Weigh In On Centerspace

Several institutional investors and hedge funds have recently added to or reduced their stakes in CSR. Nuveen LLC purchased a new position in Centerspace in the first quarter valued at about $13,147,000. Millennium Management LLC grew its stake in shares of Centerspace by 307.3% during the first quarter. Millennium Management LLC now owns 184,051 shares of the company's stock worth $11,917,000 after acquiring an additional 138,861 shares during the last quarter. Allianz Asset Management GmbH purchased a new stake in shares of Centerspace during the first quarter worth about $6,388,000. Strs Ohio grew its stake in shares of Centerspace by 3,025.8% during the second quarter. Strs Ohio now owns 96,900 shares of the company's stock worth $5,832,000 after acquiring an additional 93,800 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew its stake in shares of Centerspace by 131.9% during the second quarter. Cbre Investment Management Listed Real Assets LLC now owns 133,241 shares of the company's stock worth $8,020,000 after acquiring an additional 75,773 shares during the last quarter. Hedge funds and other institutional investors own 79.00% 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.