Centerspace (NYSE:CSR) Raised to Buy at Janney Montgomery Scott

Janney Montgomery Scott upgraded shares of Centerspace (NYSE:CSR) from a neutral rating to a buy rating in a research note published on Wednesday, Marketbeat Ratings reports. The brokerage currently has $72.00 target price on the stock.

A number of other brokerages also recently issued reports on CSR. Royal Bank of Canada reissued an “outperform” rating and set a $76.00 target price on shares of Centerspace in a research note on Wednesday, October 30th. Wedbush assumed coverage on Centerspace in a report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price objective on the stock. Finally, Raymond James downgraded Centerspace from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $74.86.

Centerspace Stock Up 1.3 %

Shares of CSR stock opened at $61.66 on Wednesday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average is $68.83 and its two-hundred day moving average is $70.49. Centerspace has a twelve month low of $52.26 and a twelve month 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 firm had revenue of $65.03 million during the quarter, compared to analysts’ expectations 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 quarter last year, the business earned $1.20 earnings per share. Sell-side analysts expect that Centerspace will post 4.85 earnings per share for the current year.

Centerspace Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.87%. Centerspace’s payout ratio is -186.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CSR. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Centerspace by 35.0% during the 3rd 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 raised its position in Centerspace by 3,131.6% during the third 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 raised its position in Centerspace by 15.2% during the third 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 purchased a new stake in shares of Centerspace in the third quarter valued at about $204,000. Finally, abrdn plc acquired a new stake in shares of Centerspace in the third quarter valued at approximately $210,000. 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.