Phocas Financial Corp. Sells 45,631 Shares of Centerspace (NYSE:CSR)

Phocas Financial Corp. trimmed its position in shares of Centerspace (NYSE:CSR) by 84.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,310 shares of the company’s stock after selling 45,631 shares during the period. Phocas Financial Corp. owned 0.05% of Centerspace worth $550,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Illinois Municipal Retirement Fund raised its stake in Centerspace by 6.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 8,501 shares of the company’s stock valued at $562,000 after purchasing an additional 552 shares during the period. Amalgamated Bank grew its holdings in Centerspace by 10.1% during the 4th quarter. Amalgamated Bank now owns 4,882 shares of the company’s stock valued at $323,000 after buying an additional 447 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Centerspace by 3.0% during the fourth quarter. Bank of New York Mellon Corp now owns 126,121 shares of the company’s stock valued at $8,343,000 after buying an additional 3,645 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Centerspace by 4.3% during the fourth quarter. New York State Common Retirement Fund now owns 12,692 shares of the company’s stock worth $840,000 after acquiring an additional 527 shares during the last quarter. Finally, Peregrine Capital Management LLC boosted its position in shares of Centerspace by 5.5% during the fourth quarter. Peregrine Capital Management LLC now owns 90,309 shares of the company’s stock worth $5,974,000 after acquiring an additional 4,733 shares during the last quarter. 79.00% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CSR. Janney Montgomery Scott upgraded shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a report on Wednesday, January 15th. Wedbush started coverage on Centerspace in a research report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price objective for the company. Finally, Royal Bank of Canada boosted their target price on Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $74.43.

Centerspace Stock Performance

Centerspace stock opened at $65.20 on Wednesday. The company’s 50-day moving average price is $62.94 and its 200-day moving average price is $68.92. 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 company has a market cap of $1.09 billion, a PE ratio of -51.34 and a beta of 0.90. Centerspace has a twelve month low of $54.50 and a twelve month high of $76.16.

Centerspace (NYSE:CSR) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $1.36. The business had revenue of $66.41 million for the quarter, compared to the consensus estimate of $65.96 million. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. On average, equities research analysts forecast that Centerspace will post 4.94 EPS for the current fiscal year.

Centerspace Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 8th. Investors of record on Friday, March 28th will be given a $0.77 dividend. This is a positive change from Centerspace’s previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date is Friday, March 28th. Centerspace’s dividend payout ratio is -242.52%.

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.