Centerspace (NYSE:CSR) Stock Crosses Above 50-Day Moving Average – What’s Next?

Centerspace (NYSE:CSR) 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.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Centerspace from $57.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, October 19th. Royal Bank Of Canada dropped their target price on Centerspace from $67.00 to $64.00 and set an “outperform” rating for the company in a research report on Wednesday, August 5th. Compass Point raised Centerspace from a “neutral” rating to a “buy” rating and upped their target price for the stock from $64.50 to $80.00 in a research note on Wednesday, September 9th. UBS Group upped their target price on Centerspace from $65.00 to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 10th. Finally, Weiss Ratings raised shares of Centerspace from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $63.00.

Centerspace Price Performance

The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.56. The firm has a fifty day moving average price of $56.35 and a two-hundred day moving average price of $59.24. The stock has a market capitalization of $957.73 million, a P/E ratio of 10.64 and a beta of 0.82.

Centerspace (NYSE:CSR) last issued its earnings results on Monday, November 2nd. The company reported $7.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $7.13. Centerspace had a net margin of 35.40% and a return on equity of 10.82%. The firm had revenue of $59.52 million for the quarter, compared to the consensus estimate of $62.74 million. On average, analysts expect that Centerspace will post 4.67 EPS for the current year.

Centerspace Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 14th. Investors of record on Tuesday, September 29th were issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date was Tuesday, September 29th. Centerspace’s payout ratio is presently 57.57%.

Hedge Funds Weigh In On Centerspace

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Avalon Trust Co increased its holdings in Centerspace by 36.3% during the first quarter. Avalon Trust Co now owns 709 shares of the company’s stock valued at $41,000 after buying an additional 189 shares during the period. Amundi lifted its holdings in Centerspace by 4.4% during the first quarter. Amundi now owns 11,052 shares of the company’s stock worth $635,000 after buying an additional 462 shares during the period. Pinnacle Wealth Planning Services Inc. purchased a new stake in Centerspace during the third quarter worth $41,000. State of Wyoming bought a new stake in Centerspace during the 2nd quarter valued at $60,000. Finally, Principal Financial Group Inc. boosted its position in Centerspace by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 81,188 shares of the company’s stock valued at $4,664,000 after acquiring an additional 1,575 shares in the last quarter. 79.00% of the stock is owned by institutional investors.

About Centerspace

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.