Centerspace (NYSE:CSR) Given New $72.00 Price Target at Royal Bank of Canada

Centerspace (NYSE:CSR) had its price target lifted by Royal Bank of Canada from $71.00 to $72.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently commented on CSR. BMO Capital Markets raised shares of Centerspace from a “market perform” rating to an “outperform” rating and set a $77.00 target price for the company in a research note on Friday, April 4th. UBS Group assumed coverage on shares of Centerspace in a report on Monday, April 7th. They issued a “neutral” rating and a $67.00 price target for the company. Wells Fargo & Company started coverage on Centerspace in a research note on Wednesday, March 19th. They set an “equal weight” rating and a $68.00 price objective on the stock. Raymond James raised Centerspace from a “market perform” rating to an “outperform” rating and set a $66.00 target price for the company in a research note on Monday, April 21st. Finally, Janney Montgomery Scott upgraded Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a report on Wednesday, January 15th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Centerspace currently has an average rating of “Moderate Buy” and an average target price of $71.22.

Centerspace Stock Down 0.5 %

Shares of Centerspace stock opened at $61.10 on Monday. The business has a fifty day simple moving average of $61.66 and a 200 day simple moving average of $64.95. The stock has a market cap of $1.02 billion, a PE ratio of -48.11 and a beta of 0.77. 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 12 month low of $54.13 and a 12 month high of $76.16.

Centerspace (NYSE:CSR) last issued its earnings results on Thursday, May 1st. The company reported $1.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.21. The firm had revenue of $67.09 million for the quarter, compared to analysts’ expectations of $66.70 million. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. Research analysts predict that Centerspace will post 4.94 EPS for the current year.

Centerspace Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 8th. Stockholders of record on Friday, March 28th were issued a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 5.04%. This is a positive change from Centerspace’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Friday, March 28th. Centerspace’s payout ratio is -275.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in Centerspace by 25.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 193,242 shares of the company’s stock worth $13,618,000 after acquiring an additional 39,380 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Centerspace by 11.6% in the fourth quarter. Principal Financial Group Inc. now owns 90,753 shares of the company’s stock worth $6,003,000 after purchasing an additional 9,415 shares in the last quarter. Intech Investment Management LLC boosted its holdings in Centerspace by 76.8% during the fourth quarter. Intech Investment Management LLC now owns 10,108 shares of the company’s stock worth $669,000 after purchasing an additional 4,391 shares during the last quarter. Raymond James Financial Inc. bought a new position in Centerspace in the fourth quarter valued at $417,000. Finally, Geode Capital Management LLC grew its position in Centerspace by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 415,680 shares of the company’s stock valued at $27,503,000 after purchasing an additional 28,163 shares in the last quarter. 79.00% of the stock is currently owned by institutional investors.

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.