Centerspace (NYSE:CSR) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Centerspace (NYSE:CSR - Free Report) in a research note published on Wednesday morning, Benzinga reports. They currently have a $76.00 price target on the stock.

CSR has been the topic of a number of other reports. Piper Sandler increased their price objective on Centerspace from $64.00 to $75.00 and gave the company a "neutral" rating in a research report on Wednesday, July 31st. BTIG Research raised their price target on Centerspace from $69.00 to $79.00 and gave the company a "buy" rating in a report on Monday, August 12th. Finally, Raymond James downgraded shares of Centerspace from an "outperform" rating to a "market perform" rating in a research report on Monday, October 21st. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $76.00.

Centerspace Price Performance

Shares of Centerspace stock traded up $1.77 during trading on Wednesday, reaching $70.88. The company's stock had a trading volume of 293,905 shares, compared to its average volume of 105,334. The stock has a 50-day moving average price of $72.37 and a two-hundred day moving average price of $69.93. The stock has a market capitalization of $1.08 billion, a P/E ratio of -44.02, a price-to-earnings-growth ratio of 2.07 and a beta of 0.89. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.79. Centerspace has a one year low of $46.76 and a one year high of $76.16.

Centerspace (NYSE:CSR - Get Free Report) 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 0.67% and a negative net margin of 2.16%. The company had revenue of $65.03 million during the quarter, compared to the consensus estimate of $66.35 million. During the same period in the prior year, the firm posted $1.20 earnings per share. As a group, sell-side analysts anticipate that Centerspace will post 4.83 EPS for the current fiscal year.

Centerspace Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 30th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 4.23%. The ex-dividend date was Monday, September 30th. Centerspace's payout ratio is -186.34%.

Institutional Trading of Centerspace

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Centerspace by 35.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 579 shares of the company's stock worth $41,000 after buying an additional 150 shares during the period. Rothschild Investment LLC acquired a new position in shares of Centerspace in the second quarter valued at approximately $42,000. Van ECK Associates Corp increased its position in shares of Centerspace by 15.2% during the third quarter. Van ECK Associates Corp now owns 2,626 shares of the company's stock worth $186,000 after acquiring an additional 347 shares in the last quarter. abrdn plc acquired a new position in Centerspace in the 3rd quarter worth $210,000. Finally, Allspring Global Investments Holdings LLC bought a new position in Centerspace during the 1st quarter worth about $173,000. 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.