Wellington Management Group LLP Sells 215,382 Shares of Centerspace (NYSE:CSR)

Wellington Management Group LLP lessened its stake in shares of Centerspace (NYSE:CSR) by 21.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 803,971 shares of the company’s stock after selling 215,382 shares during the quarter. Wellington Management Group LLP’s holdings in Centerspace were worth $53,183,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of CSR. Vanguard Group Inc. raised its holdings in Centerspace by 8.2% in the 4th quarter. Vanguard Group Inc. now owns 2,594,366 shares of the company’s stock valued at $171,617,000 after acquiring an additional 195,629 shares during the period. State Street Corp lifted its holdings in Centerspace by 0.5% during the 3rd quarter. State Street Corp now owns 897,749 shares of the company’s stock worth $63,931,000 after purchasing an additional 4,263 shares during the last quarter. Geode Capital Management LLC grew its holdings in Centerspace by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 387,517 shares of the company’s stock valued at $27,314,000 after buying an additional 11,749 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Centerspace by 9.5% during the 3rd 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, JPMorgan Chase & Co. lifted its holdings in shares of Centerspace by 17.7% during the fourth quarter. JPMorgan Chase & Co. now owns 227,399 shares of the company’s stock worth $15,042,000 after buying an additional 34,157 shares in the last quarter. Institutional investors and hedge funds own 79.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CSR shares. Wells Fargo & Company assumed coverage on shares of Centerspace in a research note on Wednesday, March 19th. They issued an “equal weight” rating and a $68.00 price objective for the company. Royal Bank of Canada increased their price target on Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. BMO Capital Markets raised Centerspace from a “market perform” rating to an “outperform” rating and set a $77.00 price objective for the company in a report on Friday. Janney Montgomery Scott raised 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. Finally, Wedbush began coverage on Centerspace in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price target for the company. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $74.00.

Centerspace Stock Performance

Shares of Centerspace stock opened at $60.14 on Friday. The company’s 50 day moving average price is $63.37 and its two-hundred day moving average price is $67.00. The firm has a market capitalization of $1.01 billion, a P/E ratio of -47.35 and a beta of 0.79. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.04 and a quick ratio of 0.05. Centerspace has a fifty-two week low of $56.06 and a fifty-two week high of $76.16.

Centerspace (NYSE:CSR) last issued 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. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. The business had revenue of $66.41 million during the quarter, compared to analysts’ expectations of $65.96 million. On average, equities analysts forecast that Centerspace will post 4.94 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 8th. Investors of record on Friday, March 28th will be given a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, March 28th. This is an increase from Centerspace’s previous quarterly dividend of $0.75. This represents a $3.08 annualized dividend and a yield of 5.12%. Centerspace’s dividend payout ratio (DPR) is currently -242.52%.

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.