Centerspace (NYSE:CSR) Price Target Raised to $73.00

Centerspace (NYSE:CSR) had its target price raised by Royal Bank of Canada from $72.00 to $73.00 in a research note issued to investors on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

CSR has been the topic of several other research reports. Janney Montgomery Scott upgraded shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Wednesday, January 15th. Wedbush started coverage on Centerspace in a research note on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Centerspace has an average rating of “Hold” and a consensus target price of $74.43.

Centerspace Stock Performance

Shares of NYSE:CSR opened at $64.10 on Thursday. The firm has a market capitalization of $1.07 billion, a PE ratio of -50.47 and a beta of 0.90. Centerspace has a 12 month low of $54.50 and a 12 month high of $76.16. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.04 and a quick ratio of 0.05. The business has a 50-day moving average of $63.10 and a two-hundred day moving average of $69.02.

Centerspace (NYSE:CSR) last posted its earnings results on Tuesday, February 18th. The company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $1.36. The firm had revenue of $66.41 million during the quarter, compared to the consensus estimate of $65.96 million. Centerspace had a negative net margin of 4.34% and a negative return on equity of 1.34%. As a group, research analysts forecast that Centerspace will post 4.94 earnings per share for the current year.

Centerspace Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 8th. Shareholders of record on Friday, March 28th will be given a $0.77 dividend. This is a boost from Centerspace’s previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date of this dividend is Friday, March 28th. Centerspace’s dividend payout ratio is presently -236.22%.

Institutional Trading of Centerspace

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC boosted its holdings in Centerspace by 370.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 381 shares of the company’s stock valued at $25,000 after purchasing an additional 300 shares during the last quarter. Sterling Capital Management LLC raised its position in shares of Centerspace by 903.8% in the 4th quarter. Sterling Capital Management LLC now owns 522 shares of the company’s stock valued at $35,000 after purchasing an additional 470 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Centerspace by 35.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 579 shares of the company’s stock valued at $41,000 after buying an additional 150 shares during the last quarter. Loomis Sayles & Co. L P grew its position in shares of Centerspace by 3,131.6% during the third quarter. Loomis Sayles & Co. L P now owns 614 shares of the company’s stock worth $43,000 after buying an additional 595 shares in the last quarter. Finally, KBC Group NV increased its stake in shares of Centerspace by 75.9% in the fourth quarter. KBC Group NV now owns 1,080 shares of the company’s stock worth $71,000 after buying an additional 466 shares during the last quarter. 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.