Centerspace (NYSE:CSR) Shares Down 2.6% – Here’s Why

Centerspace (NYSE:CSR) traded down 2.6% on Monday . The stock traded as low as $63.87 and last traded at $63.87. 1,524 shares traded hands during trading, a decline of 96% from the average session volume of 40,026 shares. The stock had previously closed at $65.56.

Analyst Ratings Changes

A number of research firms have recently issued reports on CSR. Raymond James cut shares of Centerspace from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $76.00 price target on shares of Centerspace in a research report on Wednesday, October 30th. Finally, Wedbush began coverage on shares of Centerspace in a report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Centerspace has an average rating of “Hold” and a consensus target price of $75.33.

Centerspace Stock Performance

The firm has a fifty day moving average of $69.64 and a 200-day moving average of $70.74. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.70. The firm has a market cap of $1.02 billion, a P/E ratio of -38.19, a PEG ratio of 2.04 and a beta of 0.91.

Centerspace (NYSE:CSR) last issued its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($1.57). The business had revenue of $65.03 million during the quarter, compared to the consensus estimate of $66.35 million. Centerspace had a negative net margin of 5.57% and a negative return on equity of 1.72%. During the same period last year, the business posted $1.20 EPS. Research analysts predict that Centerspace will post 4.86 earnings per share for the current fiscal year.

Centerspace Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend is Monday, December 30th. Centerspace’s dividend payout ratio (DPR) is currently -186.34%.

Institutional Investors Weigh In On Centerspace

A number of institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Centerspace by 35.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 579 shares of the company’s stock worth $41,000 after buying an additional 150 shares during the last quarter. Loomis Sayles & Co. L P boosted its stake in Centerspace by 3,131.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 614 shares of the company’s stock worth $43,000 after acquiring an additional 595 shares during the last quarter. Van ECK Associates Corp boosted its stake in Centerspace by 15.2% during the 3rd quarter. Van ECK Associates Corp now owns 2,626 shares of the company’s stock worth $186,000 after acquiring an additional 347 shares during the last quarter. Versor Investments LP acquired a new position in Centerspace during the third quarter valued at approximately $204,000. Finally, abrdn plc bought a new stake in Centerspace in the third quarter valued at approximately $210,000. 79.00% of the stock is owned by institutional investors and hedge funds.

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.