Centerspace (NYSE:CSR) Shares Down 2.6% – Time to Sell?

Centerspace (NYSE:CSR) traded down 2.6% during mid-day trading on Monday . The stock traded as low as $63.87 and last traded at $63.87. 1,524 shares changed hands during trading, a decline of 96% from the average session volume of 40,026 shares. The stock had previously closed at $65.56.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wedbush assumed coverage on shares of Centerspace in a research report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price target on the stock. Raymond James lowered shares of Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $76.00 target price on shares of Centerspace in a research report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Centerspace currently has an average rating of “Hold” and a consensus price target of $75.33.

Centerspace Price Performance

The business’s 50 day moving average is $69.95 and its two-hundred day moving average is $70.81. The firm has a market cap of $1.05 billion, a P/E ratio of -39.34, a P/E/G ratio of 2.04 and a beta of 0.91. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.70.

Centerspace (NYSE:CSR) last announced its earnings results 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). Centerspace had a negative return on equity of 1.72% and a negative net margin of 5.57%. The firm had revenue of $65.03 million for the quarter, compared to the consensus estimate of $66.35 million. During the same period in the prior year, the business earned $1.20 EPS. As a group, analysts anticipate that Centerspace will post 4.86 earnings per share for the current year.

Centerspace Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date is Monday, December 30th. Centerspace’s dividend payout ratio is currently -186.34%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Barclays PLC boosted its holdings in Centerspace by 1,553.4% during the third quarter. Barclays PLC now owns 102,859 shares of the company’s stock worth $7,249,000 after purchasing an additional 96,638 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Centerspace by 295.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,820 shares of the company’s stock worth $7,598,000 after purchasing an additional 80,566 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Centerspace by 6.4% during the third quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company’s stock worth $71,834,000 after purchasing an additional 61,394 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Centerspace by 25.6% during the third quarter. JPMorgan Chase & Co. now owns 193,242 shares of the company’s stock worth $13,618,000 after purchasing an additional 39,380 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Centerspace by 377.3% during the second quarter. Millennium Management LLC now owns 43,604 shares of the company’s stock worth $2,949,000 after purchasing an additional 34,469 shares during the last quarter. 79.00% of the stock is currently owned by institutional investors and hedge funds.

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.