Short Interest in Centerspace (NYSE:CSR) Drops By 6.9%

Centerspace (NYSE:CSR) saw a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 195,800 shares, a decline of 6.9% from the March 15th total of 210,300 shares. Based on an average daily volume of 73,200 shares, the days-to-cover ratio is presently 2.7 days.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CSR shares. Piper Sandler reiterated a “neutral” rating and issued a $63.00 price target on shares of Centerspace in a report on Tuesday, March 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $63.00 price target on shares of Centerspace in a report on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Centerspace has a consensus rating of “Moderate Buy” and a consensus price target of $65.57.

Insiders Place Their Bets

In other Centerspace news, Director John A. Schissel acquired 500 shares of the company’s stock in a transaction on Monday, March 11th. The shares were bought at an average cost of $56.40 per share, for a total transaction of $28,200.00. Following the acquisition, the director now directly owns 9,522 shares of the company’s stock, valued at $537,040.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.86% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its position in Centerspace by 5.1% during the 1st quarter. First Trust Advisors LP now owns 3,030 shares of the company’s stock valued at $297,000 after purchasing an additional 146 shares during the period. Vident Investment Advisory LLC boosted its position in Centerspace by 0.9% during the 1st quarter. Vident Investment Advisory LLC now owns 16,947 shares of the company’s stock valued at $1,663,000 after purchasing an additional 146 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Centerspace by 1.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 18,761 shares of the company’s stock valued at $1,530,000 after purchasing an additional 182 shares during the period. Alps Advisors Inc. boosted its position in Centerspace by 3.2% during the 4th quarter. Alps Advisors Inc. now owns 6,886 shares of the company’s stock valued at $404,000 after purchasing an additional 212 shares during the period. Finally, Great West Life Assurance Co. Can boosted its position in Centerspace by 0.8% during the 1st quarter. Great West Life Assurance Co. Can now owns 28,846 shares of the company’s stock valued at $1,577,000 after purchasing an additional 224 shares during the period. Institutional investors and hedge funds own 79.00% of the company’s stock.

Centerspace Trading Down 0.2 %

NYSE:CSR opened at $61.93 on Thursday. Centerspace has a 12-month low of $46.74 and a 12-month high of $66.99. The firm has a market capitalization of $922.08 million, a P/E ratio of 26.58, a P/E/G ratio of 1.86 and a beta of 0.93. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.03 and a quick ratio of 0.03. The business has a 50 day simple moving average of $56.74 and a 200 day simple moving average of $55.56.

Centerspace Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 8th. Investors of record on Thursday, March 28th were given a dividend of $0.75 per share. The ex-dividend date was Wednesday, March 27th. This represents a $3.00 dividend on an annualized basis and a yield of 4.84%. This is a positive change from Centerspace’s previous quarterly dividend of $0.73. Centerspace’s payout ratio is currently 128.76%.

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.