Norges Bank Buys Shares of 72,073 Centerspace (NYSE:CSR)

Norges Bank bought a new stake in Centerspace (NYSE:CSR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 72,073 shares of the company's stock, valued at approximately $4,768,000. Norges Bank owned about 0.43% of Centerspace as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CSR. Captrust Financial Advisors purchased a new position in shares of Centerspace during the 3rd quarter valued at about $234,000. Point72 Asset Management L.P. bought a new stake in shares of Centerspace in the 3rd quarter worth approximately $480,000. State Street Corp boosted its stake in shares of Centerspace by 0.5% in the 3rd quarter. State Street Corp now owns 897,749 shares of the company's stock valued at $63,931,000 after purchasing an additional 4,263 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Centerspace by 6.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company's stock valued at $71,834,000 after purchasing an additional 61,394 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Centerspace by 8.1% during the 3rd quarter. Jane Street Group LLC now owns 26,554 shares of the company's stock valued at $1,871,000 after purchasing an additional 1,983 shares during the last quarter. Hedge funds and other institutional investors own 79.00% of the company's stock.

Centerspace Stock Down 0.1 %

CSR traded down $0.07 during midday trading on Tuesday, reaching $57.94. The company's stock had a trading volume of 13,536 shares, compared to its average volume of 88,816. Centerspace has a 1 year low of $54.13 and a 1 year high of $76.16. The stock's 50-day moving average is $62.72 and its 200-day moving average is $66.11. The firm has a market capitalization of $969.08 million, a price-to-earnings ratio of -45.60 and a beta of 0.79. The company has a current ratio of 0.04, a quick ratio of 0.05 and a debt-to-equity ratio of 0.74.

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Centerspace (NYSE:CSR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The company reported $1.21 earnings per share for the quarter, topping the consensus estimate of ($0.15) by $1.36. The company had revenue of $66.41 million for the quarter, compared to the consensus estimate of $65.96 million. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. As a group, research analysts expect that Centerspace will post 4.94 EPS for the current year.

Centerspace Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 8th. Investors of record on Friday, March 28th were given a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a yield of 5.32%. This is an increase from Centerspace's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Friday, March 28th. Centerspace's dividend payout ratio is -242.52%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CSR. Wedbush began coverage on Centerspace in a research note on Tuesday, December 17th. They set a "neutral" rating and a $72.00 price objective on the stock. 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 research note on Thursday, February 20th. UBS Group started coverage on shares of Centerspace in a research note on Monday, April 7th. They issued a "neutral" rating and a $67.00 target price on the stock. Wells Fargo & Company assumed coverage on shares of Centerspace in a research report on Wednesday, March 19th. They issued an "equal weight" rating and a $68.00 price objective on the stock. Finally, BMO Capital Markets upgraded shares of Centerspace from a "market perform" rating to an "outperform" rating and set a $77.00 target price for the company in a report on Friday, April 4th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $73.30.

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.