Centerspace (NYSE:CSR) Sees Large Decrease in Short Interest

Centerspace (NYSE:CSR) was the target of a large drop in short interest in July. As of July 15th, there was short interest totalling 165,800 shares, a drop of 35.0% from the June 30th total of 255,000 shares. Based on an average daily volume of 98,900 shares, the days-to-cover ratio is currently 1.7 days.

Analysts Set New Price Targets

CSR has been the subject of a number of research analyst reports. Raymond James upgraded shares of Centerspace from a “market perform” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Friday, May 24th. Compass Point downgraded Centerspace from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $65.00 to $68.00 in a research report on Friday, May 3rd. Piper Sandler increased their target price on Centerspace from $63.00 to $64.00 and gave the stock a “neutral” rating in a report on Monday, May 6th. Finally, Royal Bank of Canada lifted their price target on Centerspace from $66.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 1st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Centerspace has a consensus rating of “Moderate Buy” and an average price target of $67.57.

Centerspace Trading Down 1.1 %

Centerspace stock traded down $0.80 during midday trading on Monday, hitting $69.58. 137,637 shares of the stock were exchanged, compared to its average volume of 89,611. The stock has a market capitalization of $1.04 billion, a PE ratio of -86.97, a P/E/G ratio of 2.07 and a beta of 0.88. The company has a fifty day simple moving average of $68.34 and a two-hundred day simple moving average of $62.43. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.77. Centerspace has a 52 week low of $46.74 and a 52 week high of $71.36.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Monday, April 29th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($1.49). The firm had revenue of $64.51 million during the quarter, compared to analyst estimates of $65.30 million. Centerspace had a negative net margin of 2.38% and a negative return on equity of 0.73%. During the same period last year, the firm earned $1.07 EPS. Equities research analysts anticipate that Centerspace will post 4.86 EPS for the current fiscal year.

Centerspace Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Friday, June 28th were issued a dividend of $0.75 per share. The ex-dividend date was Friday, June 28th. This represents a $3.00 annualized dividend and a yield of 4.31%. Centerspace’s dividend payout ratio (DPR) is currently -375.00%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. ICA Group Wealth Management LLC bought a new stake in Centerspace in the 4th quarter valued at $55,000. Van ECK Associates Corp boosted its position in shares of Centerspace by 19.7% during the fourth quarter. Van ECK Associates Corp now owns 2,118 shares of the company’s stock worth $123,000 after buying an additional 348 shares during the period. Meeder Asset Management Inc. acquired a new stake in Centerspace in the 4th quarter valued at approximately $149,000. Allspring Global Investments Holdings LLC bought a new stake in Centerspace in the 1st quarter valued at approximately $173,000. Finally, Daiwa Securities Group Inc. boosted its position in Centerspace by 4.9% during the 1st quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock worth $272,000 after acquiring an additional 222 shares during the last quarter. 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.