Phocas Financial Corp. Lowers Stake in Centerspace (NYSE:CSR)

Phocas Financial Corp. cut its stake in Centerspace (NYSE:CSR) by 84.6% during the fourth quarter, HoldingsChannel reports. The firm owned 8,310 shares of the company’s stock after selling 45,631 shares during the period. Phocas Financial Corp.’s holdings in Centerspace were worth $550,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of 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 in the last quarter. Loomis Sayles & Co. L P grew its holdings in Centerspace by 3,131.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 614 shares of the company’s stock worth $43,000 after acquiring an additional 595 shares in the last quarter. KBC Group NV increased its position in Centerspace by 75.9% during the 4th 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. Van ECK Associates Corp raised its holdings in shares of Centerspace by 15.2% in the 3rd quarter. Van ECK Associates Corp now owns 2,626 shares of the company’s stock valued at $186,000 after purchasing an additional 347 shares in the last quarter. Finally, Versor Investments LP bought a new stake in shares of Centerspace in the 3rd quarter valued at about $204,000. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on CSR shares. Wedbush assumed coverage on shares of Centerspace in a report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price objective on the stock. Janney Montgomery Scott raised Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Wednesday, January 15th. Finally, Royal Bank of Canada boosted their price target on Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Centerspace currently has a consensus rating of “Hold” and an average price target of $74.43.

Centerspace Price Performance

Shares of CSR opened at $65.20 on Wednesday. The company has a 50 day moving average of $62.94 and a two-hundred day moving average of $68.92. 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 twelve month low of $54.50 and a twelve month high of $76.16. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -51.34 and a beta of 0.90.

Centerspace (NYSE:CSR) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $1.21 earnings per share 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 firm had revenue of $66.41 million during the quarter, compared to analysts’ expectations of $65.96 million. As a group, analysts predict that Centerspace will post 4.94 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 8th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.77 per share. This is a positive change from Centerspace’s previous quarterly dividend of $0.75. The ex-dividend date is Friday, March 28th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.72%. Centerspace’s payout ratio is presently -242.52%.

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.