Royal Bank of Canada Boosts Centerspace (NYSE:CSR) Price Target to $68.00

Centerspace (NYSE:CSR) had its price target raised by Royal Bank of Canada from $66.00 to $68.00 in a report released on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Separately, Piper Sandler reissued a neutral rating and issued a $63.00 price target on shares of Centerspace in a research report on Tuesday, March 26th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $66.17.

Centerspace Stock Down 0.4 %

Shares of NYSE CSR opened at $68.71 on Wednesday. Centerspace has a one year low of $46.74 and a one year high of $69.97. The business has a fifty day simple moving average of $59.26 and a 200 day simple moving average of $56.25. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.03 and a current ratio of 0.04.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Monday, April 29th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($1.49). The business had revenue of $64.51 million during the quarter, compared to the consensus estimate of $65.30 million. Centerspace had a negative net margin of 2.38% and a negative return on equity of 0.73%. During the same period last year, the firm earned $1.07 EPS. As a group, equities research analysts expect that Centerspace will post 4.75 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Thursday, March 28th were issued a $0.75 dividend. This is a positive change from Centerspace’s previous quarterly dividend of $0.73. The ex-dividend date was Wednesday, March 27th. This represents a $3.00 annualized dividend and a dividend yield of 4.37%. Centerspace’s dividend payout ratio is presently -375.00%.

Insider Buying and Selling

In other news, Director John A. Schissel bought 500 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was bought at an average price of $56.40 per share, for a total transaction of $28,200.00. Following the completion of the purchase, the director now owns 9,522 shares of the company’s stock, valued at approximately $537,040.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Centerspace

A number of institutional investors have recently modified their holdings of the stock. Daiwa Securities Group Inc. increased its stake in shares of Centerspace by 4.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock valued at $272,000 after buying an additional 222 shares during the period. Nisa Investment Advisors LLC increased its position in Centerspace by 4.6% in the third quarter. Nisa Investment Advisors LLC now owns 6,605 shares of the company’s stock worth $398,000 after purchasing an additional 290 shares during the period. Asset Management One Co. Ltd. raised its holdings in Centerspace by 1.3% during the 4th quarter. Asset Management One Co. Ltd. now owns 23,023 shares of the company’s stock worth $1,366,000 after purchasing an additional 301 shares during the last quarter. SG Americas Securities LLC lifted its position in Centerspace by 2.6% during the 4th quarter. SG Americas Securities LLC now owns 12,662 shares of the company’s stock valued at $737,000 after purchasing an additional 318 shares during the period. Finally, New York State Common Retirement Fund lifted its position in Centerspace by 1.6% during the 4th quarter. New York State Common Retirement Fund now owns 20,679 shares of the company’s stock valued at $1,204,000 after purchasing an additional 329 shares during the period. 79.00% of the stock is owned by institutional investors.

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.