Short Interest in Centerspace (NYSE:CSR) Declines By 5.7%

Centerspace (NYSE:CSR - Get Free Report) was the target of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 236,600 shares, a decline of 5.7% from the January 15th total of 250,800 shares. Based on an average daily volume of 103,200 shares, the short-interest ratio is currently 2.3 days.

Institutional Investors Weigh In On Centerspace

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Centerspace by 8.2% in the fourth quarter. Vanguard Group Inc. now owns 2,594,366 shares of the company's stock worth $171,617,000 after buying an additional 195,629 shares during the last quarter. Barclays PLC grew its stake in shares of Centerspace by 1,553.4% during the 3rd quarter. Barclays PLC now owns 102,859 shares of the company's stock worth $7,249,000 after acquiring an additional 96,638 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Centerspace by 295.6% in the 3rd 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 acquiring an additional 80,566 shares during the last quarter. Norges Bank purchased a new stake in Centerspace in the 4th quarter worth about $4,768,000. Finally, Wellington Management Group LLP raised its stake in Centerspace by 6.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company's stock valued at $71,834,000 after acquiring an additional 61,394 shares during the period. Institutional investors own 79.00% of the company's stock.

Wall Street Analyst Weigh In

CSR has been the subject of several analyst reports. Royal Bank of Canada increased their price objective on Centerspace from $72.00 to $73.00 and gave the stock an "outperform" rating in a research note on Thursday. Janney Montgomery Scott raised Centerspace from a "neutral" rating to a "buy" rating and set a $72.00 price target for the company in a research report on Wednesday, January 15th. Finally, Wedbush began coverage on shares of Centerspace in a report on Tuesday, December 17th. They set a "neutral" rating and a $72.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $74.43.

Centerspace Stock Performance

Shares of CSR traded down $0.97 on Friday, reaching $64.10. 81,197 shares of the company's stock traded hands, compared to its average volume of 86,673. The stock's 50 day simple moving average is $63.10 and its two-hundred day simple moving average is $69.02. The stock has a market cap of $1.07 billion, a PE ratio of -50.47 and a beta of 0.90. Centerspace has a 52-week low of $54.50 and a 52-week high of $76.16. 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, topping analysts' consensus estimates 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 net margin of 4.34% and a negative return on equity of 1.34%. On average, analysts forecast that Centerspace will post 4.94 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 8th. Stockholders of record on Friday, March 28th will be given a dividend of $0.77 per share. This is an increase from Centerspace's previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date is Friday, March 28th. Centerspace's dividend payout ratio is currently -242.52%.

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.