Raymond James Downgrades Centerspace (NYSE:CSR) to Market Perform

Raymond James downgraded shares of Centerspace (NYSE:CSR) from an outperform rating to a market perform rating in a research note released on Monday morning, MarketBeat Ratings reports.

Several other research firms have also issued reports on CSR. BTIG Research increased their target price on Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Royal Bank of Canada increased their price target on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, Piper Sandler increased their price target on Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $75.40.

Centerspace Price Performance

CSR opened at $70.87 on Monday. The stock’s 50-day moving average price is $72.77 and its 200 day moving average price is $69.58. Centerspace has a 12-month low of $46.74 and a 12-month high of $76.16. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.79. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -88.38, a PEG ratio of 2.08 and a beta of 0.89.

Centerspace (NYSE:CSR) last posted its earnings results on Monday, July 29th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($1.39). Centerspace had a negative return on equity of 0.67% and a negative net margin of 2.16%. The firm had revenue of $65.04 million for the quarter, compared to analyst estimates of $65.90 million. During the same period in the previous year, the company posted $1.28 EPS. As a group, sell-side analysts expect that Centerspace will post 4.83 earnings per share for the current year.

Centerspace Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 30th were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend was Monday, September 30th. Centerspace’s dividend payout ratio is currently -375.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CSR. Janus Henderson Group PLC increased its holdings in shares of Centerspace by 1,438.2% in the 1st quarter. Janus Henderson Group PLC now owns 97,940 shares of the company’s stock valued at $5,597,000 after acquiring an additional 91,573 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Centerspace by 377.3% in the 2nd quarter. Millennium Management LLC now owns 43,604 shares of the company’s stock valued at $2,949,000 after acquiring an additional 34,469 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Centerspace in the 2nd quarter valued at about $1,046,000. Dimensional Fund Advisors LP increased its holdings in shares of Centerspace by 6.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 223,770 shares of the company’s stock valued at $15,134,000 after acquiring an additional 14,440 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. purchased a new position in shares of Centerspace in the 2nd quarter valued at about $776,000. 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.