Centerspace (NYSE:CSR) Price Target Raised to $68.00

Centerspace (NYSE:CSR) had its price objective upped by Royal Bank of Canada from $66.00 to $68.00 in a research note published on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Separately, Piper Sandler restated a neutral rating and set a $63.00 price target on shares of Centerspace in a research report on Tuesday, March 26th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Centerspace has a consensus rating of Moderate Buy and a consensus target price of $66.29.

Centerspace Stock Up 2.4 %

Centerspace stock opened at $68.84 on Wednesday. Centerspace has a 1-year low of $46.74 and a 1-year high of $69.61. The company has a current ratio of 0.04, a quick ratio of 0.03 and a debt-to-equity ratio of 0.77. The firm has a 50 day simple moving average of $58.55 and a 200 day simple moving average of $55.99.

Centerspace (NYSE:CSR) last released its quarterly earnings data on Monday, April 29th. The company reported ($0.37) earnings per share 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 business 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 firm posted $1.07 earnings per share. On average, sell-side analysts expect that Centerspace will post 4.76 EPS for the current fiscal year.

Centerspace Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.75 per share. This is an increase from Centerspace’s previous quarterly dividend of $0.73. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date was Wednesday, March 27th. Centerspace’s payout ratio is currently -375.00%.

Insider Transactions at Centerspace

In related news, Director John A. Schissel acquired 500 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was bought at an average cost of $56.40 per share, with a total value of $28,200.00. Following the acquisition, the director now owns 9,522 shares of the company’s stock, valued at approximately $537,040.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.92% of the stock is currently owned by insiders.

Institutional Trading of Centerspace

Hedge funds have recently made changes to their positions in the stock. Asset Management One Co. Ltd. lifted its holdings in shares of Centerspace by 1.3% during the 4th quarter. Asset Management One Co. Ltd. now owns 23,023 shares of the company’s stock worth $1,366,000 after acquiring an additional 301 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Centerspace by 3.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 247,845 shares of the company’s stock worth $14,935,000 after acquiring an additional 9,179 shares during the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Centerspace during the 3rd quarter worth $549,000. Panagora Asset Management Inc. bought a new stake in shares of Centerspace during the 3rd quarter worth $886,000. Finally, New York State Teachers Retirement System lifted its holdings in shares of Centerspace by 6.6% during the 3rd quarter. New York State Teachers Retirement System now owns 18,510 shares of the company’s stock worth $1,115,000 after acquiring an additional 1,146 shares during the last quarter. 79.00% of the stock is owned by institutional investors.

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.