Analysts Set New Price Targets
Several equities analysts have weighed in on the company. Raymond James restated a downgrade rating on shares of Centerspace in a report on Thursday. Royal Bank of Canada raised their target price on Centerspace from $82.00 to $86.00 and gave the company a sector perform rating in a report on Wednesday. Piper Sandler cut their target price on Centerspace from $100.00 to $95.00 and set an overweight rating on the stock in a report on Wednesday, July 20th. Finally, Compass Point set a $90.00 price target on Centerspace in a research report on Monday, June 20th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $102.57.
Centerspace Stock Performance
Shares of Centerspace stock traded down $0.73 during trading on Friday, reaching $84.05. The company’s stock had a trading volume of 64,765 shares, compared to its average volume of 75,441. Centerspace has a one year low of $74.99 and a one year high of $112.27. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.04 and a current ratio of 0.04. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -35.02, a price-to-earnings-growth ratio of 2.70 and a beta of 0.91. The business’s fifty day moving average price is $81.62 and its 200-day moving average price is $89.71.
Centerspace Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, July 11th. Investors of record on Thursday, June 30th were paid a dividend of $0.73 per share. The ex-dividend date was Wednesday, June 29th. This represents a $2.92 annualized dividend and a yield of 3.47%. Centerspace’s dividend payout ratio is -121.67%.
Insider Activity at Centerspace
In other news, Director Rodney Jones-Tyson purchased 595 shares of the stock in a transaction that occurred on Monday, May 16th. The shares were purchased at an average cost of $84.82 per share, for a total transaction of $50,467.90. Following the completion of the purchase, the director now directly owns 595 shares of the company’s stock, valued at approximately $50,467.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Rodney Jones-Tyson acquired 595 shares of the firm’s stock in a transaction on Monday, May 16th. The shares were bought at an average cost of $84.82 per share, with a total value of $50,467.90. Following the completion of the acquisition, the director now owns 595 shares of the company’s stock, valued at $50,467.90. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mary J. Twinem acquired 900 shares of the firm’s stock in a transaction on Wednesday, June 1st. The shares were bought at an average cost of $82.48 per share, for a total transaction of $74,232.00. Following the completion of the acquisition, the director now directly owns 6,577 shares of the company’s stock, valued at approximately $542,470.96. The disclosure for this purchase can be found here. Corporate insiders own 0.86% of the company’s stock.
Institutional Investors Weigh In On Centerspace
A number of institutional investors have recently added to or reduced their stakes in CSR. Wellington Management Group LLP boosted its holdings in Centerspace by 27.8% during the first quarter. Wellington Management Group LLP now owns 1,180,660 shares of the company’s stock valued at $115,846,000 after purchasing an additional 257,030 shares in the last quarter. State Street Corp boosted its holdings in shares of Centerspace by 15.6% in the 1st quarter. State Street Corp now owns 887,776 shares of the company’s stock worth $87,742,000 after acquiring an additional 119,848 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Centerspace by 2.2% in the 1st quarter. BlackRock Inc. now owns 2,736,058 shares of the company’s stock worth $268,463,000 after acquiring an additional 58,404 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Centerspace by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 2,306,306 shares of the company’s stock worth $226,294,000 after acquiring an additional 37,063 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Centerspace by 5.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 214,461 shares of the company’s stock worth $21,043,000 after acquiring an additional 11,076 shares in the last quarter. 80.68% of the stock is owned by institutional investors and hedge funds.
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 June 30, 2021, Centerspace owned 62 apartment communities consisting of 11,579 apartment homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.
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