Raymond James Upgrades Centerspace (NYSE:CSR) to "Outperform"

Raymond James upgraded shares of Centerspace (NYSE:CSR - Free Report) from a market perform rating to an outperform rating in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage currently has $66.00 price objective on the stock.

A number of other brokerages have also commented on CSR. Wells Fargo & Company assumed coverage on shares of Centerspace in a report on Wednesday, March 19th. They set an "equal weight" rating and a $68.00 price objective on the stock. Royal Bank of Canada raised their price target on shares of Centerspace from $72.00 to $73.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. UBS Group started coverage on Centerspace in a report on Monday, April 7th. They set a "neutral" rating and a $67.00 price objective on the stock. BMO Capital Markets raised Centerspace from a "market perform" rating to an "outperform" rating and set a $77.00 target price for the company in a research note on Friday, April 4th. Finally, Janney Montgomery Scott raised Centerspace from a "neutral" rating to a "buy" rating and set a $72.00 price target on the stock in a research note on Wednesday, January 15th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $71.70.

Centerspace Price Performance

NYSE:CSR traded down $0.10 on Monday, reaching $59.58. The stock had a trading volume of 86,729 shares, compared to its average volume of 111,128. The company has a market capitalization of $996.54 million, a P/E ratio of -46.91 and a beta of 0.79. The stock has a fifty day moving average price of $62.20 and a 200-day moving average price of $65.52. The company has a quick ratio of 0.05, a current ratio of 0.04 and a debt-to-equity ratio of 0.74. Centerspace has a 1-year low of $54.13 and a 1-year high of $76.16.

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

Centerspace Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 8th. Shareholders of record on Friday, March 28th were paid a $0.77 dividend. This is a positive change from Centerspace's previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Friday, March 28th. This represents a $3.08 annualized dividend and a yield of 5.17%. Centerspace's dividend payout ratio is presently -242.52%.

Institutional Trading of Centerspace

Institutional investors and hedge funds have recently modified their holdings of the stock. Peregrine Capital Management LLC grew its holdings in Centerspace by 1.6% during the first quarter. Peregrine Capital Management LLC now owns 91,754 shares of the company's stock valued at $5,941,000 after purchasing an additional 1,445 shares during the period. Illinois Municipal Retirement Fund grew its holdings in shares of Centerspace by 2.6% in the 1st quarter. Illinois Municipal Retirement Fund now owns 8,726 shares of the company's stock valued at $565,000 after buying an additional 225 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of Centerspace by 21.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 24,322 shares of the company's stock valued at $1,575,000 after buying an additional 4,369 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in Centerspace during the 1st quarter worth $1,813,000. Finally, GAMMA Investing LLC lifted its holdings in Centerspace by 7,022.7% during the first quarter. GAMMA Investing LLC now owns 18,519 shares of the company's stock worth $1,199,000 after acquiring an additional 18,259 shares in the last quarter. 79.00% of the stock is owned by institutional investors.

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.