Centerspace (NYSE:CSR) Sees Strong Trading Volume - Still a Buy?

Shares of Centerspace (NYSE:CSR - Get Free Report) saw an uptick in trading volume on Friday . 85,855 shares were traded during trading, a decline of 2% from the previous session's volume of 87,797 shares.The stock last traded at $64.86 and had previously closed at $64.75.

Wall Street Analysts Forecast Growth

CSR has been the subject of a number of research reports. Janney Montgomery Scott upgraded Centerspace from a "neutral" rating to a "buy" rating and set a $72.00 price target for the company in a research note on Wednesday, January 15th. Wedbush assumed coverage on Centerspace in a report on Tuesday, December 17th. They issued a "neutral" rating and a $72.00 target price for the company. Finally, Royal Bank of Canada lifted their price target on Centerspace from $72.00 to $73.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $74.43.

Centerspace Stock Performance

The firm has a market capitalization of $1.08 billion, a P/E ratio of -50.66 and a beta of 0.91. The company has a 50-day moving average of $62.79 and a 200-day moving average of $68.31. The company has a current ratio of 0.04, a quick ratio of 0.05 and a debt-to-equity ratio of 0.74.

Centerspace (NYSE:CSR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $1.21 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $1.36. The company had revenue of $66.41 million during the quarter, compared to analysts' expectations of $65.96 million. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. On average, equities analysts anticipate that Centerspace will post 4.94 earnings per share for the current fiscal year.

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Centerspace Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 8th. Stockholders of record on Friday, March 28th will be given a $0.77 dividend. The ex-dividend date is Friday, March 28th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.79%. This is an increase from Centerspace's previous quarterly dividend of $0.75. Centerspace's payout ratio is -242.52%.

Institutional Investors Weigh In On Centerspace

Several large investors have recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its stake in shares of Centerspace by 370.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 381 shares of the company's stock valued at $25,000 after purchasing an additional 300 shares during the period. Sterling Capital Management LLC grew its position in shares of Centerspace by 903.8% during the 4th quarter. Sterling Capital Management LLC now owns 522 shares of the company's stock worth $35,000 after buying an additional 470 shares during the period. Loomis Sayles & Co. L P increased its stake in shares of Centerspace by 3,131.6% in the 3rd quarter. Loomis Sayles & Co. L P now owns 614 shares of the company's stock valued at $43,000 after acquiring an additional 595 shares in the last quarter. KBC Group NV lifted its position in shares of Centerspace by 75.9% during the 4th quarter. KBC Group NV now owns 1,080 shares of the company's stock valued at $71,000 after acquiring an additional 466 shares during the period. Finally, Summit Investment Advisors Inc. boosted its stake in Centerspace by 15.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 1,732 shares of the company's stock worth $115,000 after acquiring an additional 229 shares in 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.