Royal Bank of Canada Forecasts Strong Price Appreciation for Centerspace (NYSE:CSR) Stock

Centerspace (NYSE:CSR - Free Report) had its target price hoisted by Royal Bank of Canada from $72.00 to $73.00 in a report issued on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

CSR has been the subject of several other reports. Wedbush started coverage on Centerspace in a research report on Tuesday, December 17th. They set a "neutral" rating and a $72.00 price target for the company. 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 report on Wednesday, January 15th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $74.43.

Centerspace Price Performance

Shares of NYSE:CSR traded down $0.97 during midday trading on Thursday, hitting $64.10. The company had a trading volume of 81,197 shares, compared to its average volume of 86,673. Centerspace has a twelve month low of $54.50 and a twelve month high of $76.16. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.04 and a quick ratio of 0.05. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -50.47 and a beta of 0.90. The business's 50-day simple moving average is $63.10 and its 200-day simple moving average is $69.02.

Centerspace (NYSE:CSR - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $65.96 million. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. On average, research analysts predict that Centerspace will post 4.94 earnings per share for the current year.

Centerspace Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 8th. Investors of record on Friday, March 28th will be issued a $0.77 dividend. The ex-dividend date is Friday, March 28th. This is a positive change from Centerspace's previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a yield of 4.80%. Centerspace's dividend payout ratio (DPR) is -242.52%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC boosted its holdings in Centerspace by 370.4% in the fourth 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 boosted its holdings in Centerspace by 903.8% in the fourth quarter. Sterling Capital Management LLC now owns 522 shares of the company's stock valued at $35,000 after purchasing an additional 470 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Centerspace by 35.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 579 shares of the company's stock valued at $41,000 after purchasing an additional 150 shares during the period. Loomis Sayles & Co. L P boosted its holdings in Centerspace by 3,131.6% in the third quarter. Loomis Sayles & Co. L P now owns 614 shares of the company's stock valued at $43,000 after purchasing an additional 595 shares during the period. Finally, KBC Group NV boosted its holdings in Centerspace by 75.9% in the fourth quarter. KBC Group NV now owns 1,080 shares of the company's stock valued at $71,000 after purchasing an additional 466 shares during the period. 79.00% of the stock is currently owned by hedge funds and other 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.