#3 - Centerspace (NYSE:CSR)
Centerspace (NYSE: CSR) offers a different way to play the housing market. The company is a real estate investment trust (REIT) that owns and operates in 70 apartment communities, mainly in the upper Midwest.
First, the bad news. CSR stock is trading near the top of its 52-week range, and it's not profitable. That suggests analysts have fully priced the company's 4.1% projected earnings growth into the stock. The company also posted a slight year-over-year decrease (0.3%) in occupancy, which correlates to the company raising rental prices.
However, occupancy levels of 94.6% are still at a strong level for a residential REIT. And as of March 31, 2024, the company reported receiving gross proceeds of $101.4 million after selling six lower-rent and lower-margin communities with higher capital expenditure (capex) needs.
On May 24, 2024, Raymond James upgraded Centerspace from Market Perform to Outperform and raised its price target to $75. That's more than 10% above the consensus price target of $67.57.
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.
Read More - Current Price
- $74.40
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 3 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $72.29 (2.8% Downside)
