Centerspace (NYSE:CSR) Shares Gap Up – Here’s What Happened

Centerspace (NYSE:CSR)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $52.71, but opened at $57.90. Centerspace shares last traded at $58.22, with a volume of 430,837 shares.

Analyst Ratings Changes

Several brokerages recently commented on CSR. BTIG Research downgraded shares of Centerspace from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 16th. Weiss Ratings lowered shares of Centerspace from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, August 19th. Royal Bank Of Canada cut their price target on shares of Centerspace from $67.00 to $64.00 and set an “outperform” rating on the stock in a report on Wednesday, August 5th. Piper Sandler decreased their price objective on shares of Centerspace from $60.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, August 27th. Finally, UBS Group upped their price objective on shares of Centerspace from $66.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $62.80.

Centerspace Stock Up 8.2%

The company has a debt-to-equity ratio of 0.87, a current ratio of 0.03 and a quick ratio of 0.03. The stock has a market capitalization of $957.85 million, a PE ratio of 45.28 and a beta of 0.86. The company has a 50 day moving average price of $54.97 and a 200-day moving average price of $59.64.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.06. The company had revenue of $65.78 million during the quarter, compared to analyst estimates of $66.29 million. Centerspace had a return on equity of 2.58% and a net margin of 7.97%.Centerspace has set its FY 2026 guidance at 4.580-4.680 EPS. As a group, analysts forecast that Centerspace will post 4.67 earnings per share for the current fiscal year.

Centerspace Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Tuesday, September 29th will be paid a dividend of $0.77 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 5.4%. Centerspace’s payout ratio is presently 244.44%.

Insider Activity

In related news, Director John A. Schissel acquired 500 shares of the stock in a transaction on Thursday, June 18th. The stock was acquired at an average cost of $54.90 per share, for a total transaction of $27,450.00. Following the completion of the acquisition, the director directly owned 17,195 shares of the company’s stock, valued at approximately $944,005.50. This represents a 2.99% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rodney Jones-Tyson acquired 1,700 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were purchased at an average cost of $55.26 per share, for a total transaction of $93,942.00. Following the completion of the transaction, the director owned 7,877 shares in the company, valued at approximately $435,283.02. This represents a 27.52% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.49% of the stock is owned by insiders.

Institutional Investors Weigh In On Centerspace

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacific Heights Asset Management LLC purchased a new stake in shares of Centerspace in the 2nd quarter worth about $16,857,000. Public Employees Retirement System of Ohio purchased a new position in Centerspace during the 2nd quarter valued at about $1,091,000. Corient Private Wealth LP bought a new stake in Centerspace during the second quarter worth about $574,000. Bank of America Corp DE bought a new stake in Centerspace during the second quarter worth about $1,041,000. Finally, Jupiter Topco LLC purchased a new stake in Centerspace in the second quarter worth about $354,000. 79.00% of the stock is owned by hedge funds and other 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. Centerspace was named a Top Workplace for the fourth consecutive year in 2023 by the Minneapolis Star Tribune.