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

Centerspace (NYSE:CSR) was the recipient of a large increase in short interest in August. As of August 15th, there was short interest totaling 254,100 shares, an increase of 32.6% from the July 31st total of 191,600 shares. Based on an average trading volume of 110,200 shares, the short-interest ratio is currently 2.3 days. Based on an average trading volume of 110,200 shares, the short-interest ratio is currently 2.3 days.

Centerspace Stock Performance

NYSE CSR opened at $58.04 on Thursday. Centerspace has a 1-year low of $52.76 and a 1-year high of $75.92. The company has a market capitalization of $972.78 million, a P/E ratio of -32.25 and a beta of 0.75. The business has a 50 day moving average price of $57.70 and a 200 day moving average price of $60.56. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.05 and a quick ratio of 0.05.

Centerspace (NYSE:CSR) last released its quarterly earnings results on Monday, August 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.02. The company had revenue of $68.55 million during the quarter, compared to the consensus estimate of $67.89 million. Centerspace had a negative return on equity of 2.81% and a negative net margin of 9.13%. Centerspace has set its FY 2025 guidance at 4.880-5.000 EPS. Sell-side analysts expect that Centerspace will post 4.94 EPS for the current fiscal year.

Centerspace Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Monday, September 29th will be paid a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date is Monday, September 29th. Centerspace’s payout ratio is currently -171.11%.

Insider Buying and Selling

In related news, CEO Anne Olson purchased 750 shares of the business’s stock in a transaction on Friday, August 8th. The shares were bought at an average price of $55.10 per share, for a total transaction of $41,325.00. Following the acquisition, the chief executive officer directly owned 19,496 shares in the company, valued at $1,074,229.60. This trade represents a 4.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Bhairav Patel acquired 500 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $54.00 per share, for a total transaction of $27,000.00. Following the acquisition, the chief financial officer owned 3,733 shares in the company, valued at approximately $201,582. The trade was a 15.47% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 1,750 shares of company stock valued at $95,325. Corporate insiders own 0.44% of the company’s stock.

Institutional Trading of Centerspace

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hilltop National Bank bought a new stake in Centerspace in the second quarter valued at about $29,000. Wolff Wiese Magana LLC increased its holdings in Centerspace by 897.3% in the second quarter. Wolff Wiese Magana LLC now owns 748 shares of the company’s stock valued at $45,000 after buying an additional 673 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in Centerspace in the first quarter valued at about $86,000. PNC Financial Services Group Inc. increased its holdings in Centerspace by 103.4% in the second quarter. PNC Financial Services Group Inc. now owns 2,176 shares of the company’s stock valued at $131,000 after buying an additional 1,106 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Centerspace by 64.0% in the second quarter. Tower Research Capital LLC TRC now owns 2,252 shares of the company’s stock valued at $136,000 after buying an additional 879 shares during the last quarter. 79.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Centerspace from a “hold” rating to a “sell” rating in a research note on Sunday. Wells Fargo & Company decreased their price objective on Centerspace from $68.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 27th. Raymond James Financial raised Centerspace from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $66.00 to $69.00 in a research report on Thursday, May 15th. Finally, UBS Group decreased their price objective on Centerspace from $67.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Centerspace has an average rating of “Moderate Buy” and an average target price of $68.75.

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.