Comerica Bank Raises Stock Holdings in Centerspace (NYSE:CSR)

Comerica Bank increased its position in Centerspace (NYSE:CSR) by 5.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,938 shares of the company’s stock after buying an additional 313 shares during the period. Comerica Bank’s holdings in Centerspace were worth $393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its stake in Centerspace by 370.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 381 shares of the company’s stock worth $25,000 after acquiring an additional 300 shares during the last quarter. Sterling Capital Management LLC raised its stake in Centerspace by 903.8% in the 4th quarter. Sterling Capital Management LLC now owns 522 shares of the company’s stock worth $35,000 after acquiring an additional 470 shares during the last quarter. KBC Group NV raised its stake in Centerspace by 75.9% in the 4th quarter. KBC Group NV now owns 1,080 shares of the company’s stock worth $71,000 after acquiring an additional 466 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in Centerspace by 15.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,732 shares of the company’s stock worth $115,000 after acquiring an additional 229 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Centerspace in the 4th quarter worth $196,000. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Centerspace Price Performance

NYSE:CSR opened at $63.05 on Friday. Centerspace has a 52 week low of $54.13 and a 52 week high of $76.16. The company has a quick ratio of 0.05, a current ratio of 0.04 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $1.06 billion, a PE ratio of -49.65 and a beta of 0.77. The stock’s 50-day moving average price is $60.95 and its 200-day moving average price is $64.50.

Centerspace (NYSE:CSR) last posted its earnings results on Thursday, May 1st. The company reported $1.21 EPS for the quarter, meeting analysts’ consensus estimates of $1.21. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. The firm had revenue of $67.09 million for the quarter, compared to analysts’ expectations of $66.70 million. As a group, equities analysts expect that Centerspace will post 4.94 EPS for the current fiscal year.

Centerspace Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 8th. Stockholders of record on Friday, March 28th were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Friday, March 28th. This is a boost from Centerspace’s previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.89%. Centerspace’s dividend payout ratio (DPR) is -275.00%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Piper Sandler reduced their target price on Centerspace from $75.00 to $68.00 and set a “neutral” rating for the company in a research note on Monday, May 5th. Raymond James raised Centerspace from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $66.00 to $69.00 in a research report on Thursday. UBS Group began coverage on Centerspace in a research report on Monday, April 7th. They set a “neutral” rating and a $67.00 price target on the stock. Royal Bank of Canada increased their price target on Centerspace from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Finally, BMO Capital Markets raised Centerspace from a “market perform” rating to an “outperform” rating and set a $77.00 price target on the stock in a research report on Friday, April 4th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Centerspace presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.56.

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.