Centerspace (NYSE:CSR) Shares Down 2.6% – Time to Sell?

Shares of Centerspace (NYSE:CSR) fell 2.6% during mid-day trading on Monday . The stock traded as low as $63.87 and last traded at $63.87. 1,524 shares were traded during trading, a decline of 96% from the average session volume of 40,026 shares. The stock had previously closed at $65.56.

Wall Street Analyst Weigh In

CSR has been the topic of several research reports. Raymond James cut shares of Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Royal Bank of Canada restated an “outperform” rating and issued a $76.00 price target on shares of Centerspace in a report on Wednesday, October 30th. Finally, Wedbush began coverage on Centerspace in a report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price objective for the company. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Centerspace has a consensus rating of “Hold” and an average price target of $75.33.

Centerspace Stock Performance

The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -38.19, a P/E/G ratio of 2.04 and a beta of 0.91. The stock’s 50 day moving average price is $69.64 and its 200 day moving average price is $70.74. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.70.

Centerspace (NYSE:CSR) last issued its quarterly earnings results on Monday, October 28th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of $1.17 by ($1.57). The company had revenue of $65.03 million for the quarter, compared to analyst estimates of $66.35 million. Centerspace had a negative net margin of 5.57% and a negative return on equity of 1.72%. During the same period last year, the company posted $1.20 earnings per share. Analysts expect that Centerspace will post 4.86 earnings per share for the current year.

Centerspace Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be issued a dividend of $0.75 per share. The ex-dividend date is Monday, December 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.88%. Centerspace’s payout ratio is -186.34%.

Hedge Funds Weigh In On Centerspace

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its stake in Centerspace by 1,553.4% in the third quarter. Barclays PLC now owns 102,859 shares of the company’s stock valued at $7,249,000 after buying an additional 96,638 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Centerspace by 295.6% during the third 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 purchasing an additional 80,566 shares during the period. Wellington Management Group LLP increased its holdings in shares of Centerspace by 6.4% in the third quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company’s stock valued at $71,834,000 after purchasing an additional 61,394 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Centerspace by 25.6% in the third quarter. JPMorgan Chase & Co. now owns 193,242 shares of the company’s stock valued at $13,618,000 after purchasing an additional 39,380 shares during the period. Finally, Millennium Management LLC raised its position in shares of Centerspace by 377.3% in the second quarter. Millennium Management LLC now owns 43,604 shares of the company’s stock valued at $2,949,000 after purchasing an additional 34,469 shares during the period. Institutional investors own 79.00% of the company’s stock.

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.