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

Centerspace (NYSE:CSR) had its target price raised by Royal Bank of Canada from $66.00 to $68.00 in a research report sent to investors on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Separately, Piper Sandler reissued a neutral rating and issued a $63.00 target price on shares of Centerspace in a research report on Tuesday, March 26th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Centerspace presently has an average rating of Hold and an average target price of $66.17.

Centerspace Stock Performance

Shares of 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. The stock has a fifty day moving average of $59.01 and a 200-day moving average of $56.17. Centerspace has a one year low of $46.74 and a one year high of $69.97.

Centerspace (NYSE:CSR) last announced its earnings results on Monday, April 29th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of $1.12 by ($1.49). The company had revenue of $64.51 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $1.07 earnings per share. Research analysts forecast that Centerspace will post 4.75 EPS for the current year.

Centerspace Increases Dividend

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

Insider Buying and Selling

In related news, Director John A. Schissel acquired 500 shares of the company’s stock in a transaction on Monday, March 11th. The shares were purchased at an average price of $56.40 per share, for a total transaction of $28,200.00. Following the purchase, the director now owns 9,522 shares in the company, valued at $537,040.80. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Institutional Trading of Centerspace

A number of institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC lifted its holdings in shares of Centerspace by 165.7% during the 3rd quarter. SG Americas Securities LLC now owns 12,344 shares of the company’s stock valued at $744,000 after buying an additional 7,698 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Centerspace by 5.9% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 9,064 shares of the company’s stock worth $546,000 after purchasing an additional 504 shares during the last quarter. New York State Teachers Retirement System raised its holdings in shares of Centerspace by 6.6% during the 3rd quarter. New York State Teachers Retirement System now owns 18,510 shares of the company’s stock valued at $1,115,000 after purchasing an additional 1,146 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of Centerspace in the 3rd quarter valued at $886,000. Finally, Teacher Retirement System of Texas lifted its stake in shares of Centerspace by 196.0% in the 3rd quarter. Teacher Retirement System of Texas now owns 17,649 shares of the company’s stock valued at $1,064,000 after purchasing an additional 11,686 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.