Centerspace (NYSE:CSR) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Centerspace (NYSE:CSR) in a research note issued to investors on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $76.00 price target on the stock.

A number of other research firms also recently commented on CSR. BTIG Research raised their target price on Centerspace from $69.00 to $79.00 and gave the company a “buy” rating in a report on Monday, August 12th. Piper Sandler raised their price objective on shares of Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Finally, Raymond James lowered shares of Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Centerspace presently has an average rating of “Hold” and an average price target of $76.00.

Centerspace Trading Down 4.2 %

Shares of Centerspace stock opened at $66.76 on Wednesday. The company has a quick ratio of 0.04, a current ratio of 0.05 and a debt-to-equity ratio of 0.70. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -41.47, a price-to-earnings-growth ratio of 2.09 and a beta of 0.89. Centerspace has a 52-week low of $48.23 and a 52-week high of $76.16. The company’s 50-day simple moving average is $72.15 and its 200-day simple moving average is $69.96.

Centerspace (NYSE:CSR) last released its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($1.57). The business had revenue of $65.03 million for the quarter, compared to analyst estimates of $66.35 million. Centerspace had a negative return on equity of 1.72% and a negative net margin of 5.57%. During the same quarter in the previous year, the firm posted $1.20 EPS. As a group, equities research analysts anticipate that Centerspace will post 4.85 earnings per share for the current year.

Centerspace Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 30th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend was Monday, September 30th. Centerspace’s dividend payout ratio (DPR) is presently -186.33%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in Centerspace by 35.0% during the third 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. Rothschild Investment LLC acquired a new position in Centerspace in the 2nd quarter valued at about $42,000. Van ECK Associates Corp raised its stake in 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 during the last quarter. abrdn plc purchased a new position in Centerspace in the 3rd quarter valued at about $210,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Centerspace during the 1st quarter worth about $173,000. 79.00% of the stock is currently owned by institutional investors and hedge funds.

Centerspace Company Profile

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.