Royal Bank of Canada Issues Positive Forecast for Centerspace (NYSE:CSR) Stock Price

Centerspace (NYSE:CSR) had its target price increased by Royal Bank of Canada from $72.00 to $73.00 in a research note published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities research analysts have also issued research reports about the stock. Janney Montgomery Scott upgraded shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a research note on Wednesday, January 15th. Wedbush began coverage on Centerspace in a research report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Centerspace has a consensus rating of “Hold” and a consensus price target of $74.43.

Centerspace Price Performance

Shares of CSR opened at $64.10 on Thursday. Centerspace has a 52 week low of $54.50 and a 52 week high of $76.16. The company has a current ratio of 0.04, a quick ratio of 0.05 and a debt-to-equity ratio of 0.74. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -50.47 and a beta of 0.90. The stock has a 50 day moving average of $63.10 and a 200-day moving average of $69.02.

Centerspace (NYSE:CSR) last released its quarterly earnings data on Tuesday, February 18th. The company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $1.36. The firm had revenue of $66.41 million during the quarter, compared to the consensus estimate of $65.96 million. Centerspace had a negative net margin of 4.34% and a negative return on equity of 1.34%. As a group, analysts forecast that Centerspace will post 4.94 EPS for the current year.

Centerspace Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 8th. Shareholders of record on Friday, March 28th will be paid a $0.77 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $3.08 annualized dividend and a dividend yield of 4.80%. This is a positive change from Centerspace’s previous quarterly dividend of $0.75. Centerspace’s dividend payout ratio (DPR) is presently -236.22%.

Hedge Funds Weigh In On Centerspace

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSR. Vanguard Group Inc. raised its stake in Centerspace by 8.2% during the 4th quarter. Vanguard Group Inc. now owns 2,594,366 shares of the company’s stock valued at $171,617,000 after acquiring an additional 195,629 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Centerspace by 6.4% during 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 in the last quarter. State Street Corp lifted its holdings in Centerspace by 0.5% in the third quarter. State Street Corp now owns 897,749 shares of the company’s stock worth $63,931,000 after purchasing an additional 4,263 shares during the period. Silvercrest Asset Management Group LLC grew its position in Centerspace by 6.9% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 834,251 shares of the company’s stock valued at $55,186,000 after buying an additional 54,204 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Centerspace by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 415,680 shares of the company’s stock valued at $27,503,000 after buying an additional 28,163 shares in the last quarter. 79.00% of the stock is owned by institutional investors.

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.