Centerspace (NYSE:CSR) Upgraded to “Buy” at Janney Montgomery Scott

Janney Montgomery Scott upgraded shares of Centerspace (NYSE:CSR) from a neutral rating to a buy rating in a research report released on Wednesday, Marketbeat Ratings reports. They currently have $72.00 price target on the stock.

Other analysts also recently issued reports about the company. Raymond James downgraded Centerspace from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $76.00 price target on shares of Centerspace in a report on Wednesday, October 30th. Finally, Wedbush began coverage on shares of Centerspace in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price objective on the stock. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $74.86.

Centerspace Stock Performance

Shares of CSR opened at $60.95 on Wednesday. The company’s 50 day simple moving average is $68.17 and its 200-day simple moving average is $70.33. The firm has a market cap of $1.01 billion, a PE ratio of -37.86, a price-to-earnings-growth ratio of 1.74 and a beta of 0.91. Centerspace has a 12-month low of $52.26 and a 12-month high of $76.16. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.70.

Centerspace (NYSE:CSR) last issued its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($1.57). Centerspace had a negative return on equity of 1.72% and a negative net margin of 5.57%. The business had revenue of $65.03 million for the quarter, compared to analysts’ expectations of $66.35 million. During the same period in the previous year, the business posted $1.20 earnings per share. As a group, equities analysts predict that Centerspace will post 4.85 EPS for the current year.

Centerspace Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 30th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date of this dividend was Monday, December 30th. Centerspace’s dividend payout ratio is presently -186.34%.

Institutional Investors Weigh In On Centerspace

A number of hedge funds and other institutional investors have recently bought and sold shares of CSR. Wellington Management Group LLP grew its stake in shares of Centerspace by 6.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company’s stock worth $71,834,000 after purchasing an additional 61,394 shares during the period. State Street Corp boosted its holdings in Centerspace by 0.5% during the third quarter. State Street Corp now owns 897,749 shares of the company’s stock worth $63,931,000 after buying an additional 4,263 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Centerspace by 3.1% during the third quarter. Geode Capital Management LLC now owns 387,517 shares of the company’s stock worth $27,314,000 after buying an additional 11,749 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Centerspace by 9.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 275,511 shares of the company’s stock worth $19,415,000 after buying an additional 23,839 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Centerspace by 6.9% in the second quarter. Dimensional Fund Advisors LP now owns 223,770 shares of the company’s stock valued at $15,134,000 after buying an additional 14,440 shares in the last quarter. Institutional investors and hedge funds own 79.00% of the company’s stock.

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.