Cornercap Investment Counsel Inc. Acquires Shares of 11,469 Centerspace (NYSE:CSR)

Cornercap Investment Counsel Inc. bought a new stake in shares of Centerspace (NYSE:CSR) in the second quarter, Holdings Channel reports. The firm bought 11,469 shares of the company’s stock, valued at approximately $776,000.

Several other institutional investors and hedge funds have also modified their holdings of CSR. Texas Permanent School Fund Corp raised its holdings in shares of Centerspace by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 13,174 shares of the company’s stock worth $753,000 after acquiring an additional 176 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Centerspace by 4.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock worth $272,000 after purchasing an additional 222 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Centerspace by 2.6% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 17,401 shares of the company’s stock worth $1,177,000 after purchasing an additional 446 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Centerspace by 2.8% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 17,010 shares of the company’s stock valued at $990,000 after buying an additional 470 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Centerspace by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 139,188 shares of the company’s stock valued at $9,413,000 after buying an additional 605 shares in the last quarter. 79.00% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on CSR. Raymond James increased their price target on shares of Centerspace from $75.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Piper Sandler raised their target price on Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. BTIG Research upped their price target on Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Royal Bank of Canada increased their price objective on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Centerspace currently has a consensus rating of “Moderate Buy” and an average price target of $72.29.

Centerspace Stock Up 2.7 %

Centerspace stock opened at $75.50 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.04 and a quick ratio of 0.04. Centerspace has a fifty-two week low of $46.74 and a fifty-two week high of $76.16. The firm has a fifty day moving average price of $72.02 and a two-hundred day moving average price of $66.51. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -94.38, a P/E/G ratio of 2.15 and a beta of 0.90.

Centerspace (NYSE:CSR) last posted its quarterly earnings data on Monday, July 29th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $1.20 by ($1.39). The business had revenue of $65.04 million for the quarter, compared to analyst estimates of $65.90 million. Centerspace had a negative return on equity of 0.67% and a negative net margin of 2.16%. During the same period in the prior year, the firm posted $1.28 EPS. As a group, analysts forecast that Centerspace will post 4.83 earnings per share for the current year.

Centerspace Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Monday, September 30th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 3.97%. Centerspace’s payout ratio is -375.00%.

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.