Centerspace (NYSE:CSR) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Centerspace (NYSE:CSR) in a research note published on Wednesday, Benzinga reports. The firm currently has a $76.00 price target on the stock.

Other equities research analysts have also issued research reports about the stock. Piper Sandler upped their target price on shares of Centerspace from $64.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Raymond James lowered shares of Centerspace from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. Finally, BTIG Research upped their target price on shares of Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Centerspace presently has an average rating of “Hold” and an average target price of $76.00.

Centerspace Stock Performance

NYSE:CSR opened at $70.88 on Wednesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.04 and a current ratio of 0.04. The company has a fifty day moving average of $72.37 and a two-hundred day moving average of $69.93. The stock has a market capitalization of $1.08 billion, a PE ratio of -44.02, a P/E/G ratio of 2.07 and a beta of 0.89. Centerspace has a fifty-two week low of $46.76 and a fifty-two week high of $76.16.

Centerspace (NYSE:CSR) last posted its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($1.57). The company had revenue of $65.03 million for the quarter, compared to analyst estimates of $66.35 million. Centerspace had a negative return on equity of 0.67% and a negative net margin of 2.16%. During the same quarter in the prior year, the company posted $1.20 earnings per share. As a group, research analysts forecast that Centerspace will post 4.83 earnings per share for the current fiscal year.

Centerspace Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Monday, September 30th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend was Monday, September 30th. Centerspace’s dividend payout ratio is currently -186.34%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Centerspace by 0.4% during the first quarter. Vanguard Group Inc. now owns 2,401,497 shares of the company’s stock worth $137,222,000 after purchasing an additional 9,984 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Centerspace by 6.9% during the second quarter. Dimensional Fund Advisors LP now owns 223,770 shares of the company’s stock worth $15,134,000 after purchasing an additional 14,440 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Centerspace by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 139,188 shares of the company’s stock worth $9,413,000 after purchasing an additional 605 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in Centerspace by 10.8% during the second quarter. Westwood Holdings Group Inc. now owns 99,718 shares of the company’s stock worth $6,744,000 after purchasing an additional 9,718 shares in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Centerspace by 1,438.2% during the first quarter. Janus Henderson Group PLC now owns 97,940 shares of the company’s stock worth $5,597,000 after purchasing an additional 91,573 shares in the last quarter. Hedge funds and other institutional investors own 79.00% of the company’s stock.

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.