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

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

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

Centerspace Stock Down 0.1 %

NYSE CSR opened at $68.86 on Wednesday. The company has a current ratio of 0.04, a quick ratio of 0.03 and a debt-to-equity ratio of 0.77. Centerspace has a 1-year low of $46.74 and a 1-year high of $69.97. The company has a 50 day moving average of $59.01 and a 200-day moving average of $56.17.

Centerspace (NYSE:CSR) last released its quarterly earnings results on Monday, April 29th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($1.49). The business had revenue of $64.51 million during the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $1.07 earnings per share. As a group, equities research analysts expect that Centerspace will post 4.75 EPS for the current fiscal year.

Centerspace Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date was Wednesday, March 27th. This is a boost from Centerspace’s previous quarterly dividend of $0.73. Centerspace’s payout ratio is presently -375.00%.

Insiders Place Their Bets

In other Centerspace news, Director John A. Schissel acquired 500 shares of Centerspace stock in a transaction that occurred on Monday, March 11th. The shares were bought at an average price of $56.40 per share, with a total value of $28,200.00. Following the completion of the purchase, the director now directly owns 9,522 shares in the company, valued at approximately $537,040.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On Centerspace

Several hedge funds and other institutional investors have recently bought and sold shares of CSR. Daiwa Securities Group Inc. raised its holdings in shares of Centerspace by 4.9% during the first quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock valued at $272,000 after purchasing an additional 222 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Centerspace during the first quarter valued at about $173,000. Principal Financial Group Inc. raised its holdings in shares of Centerspace by 5.1% during the first quarter. Principal Financial Group Inc. now owns 82,460 shares of the company’s stock valued at $4,712,000 after purchasing an additional 3,984 shares during the period. BTC Capital Management Inc. acquired a new stake in shares of Centerspace in the 1st quarter worth about $279,000. Finally, Pensionfund Sabic raised its holdings in shares of Centerspace by 26.8% in the 1st quarter. Pensionfund Sabic now owns 8,519 shares of the company’s stock worth $487,000 after acquiring an additional 1,800 shares during 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.