Centerspace (NYSE:CSR) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Centerspace (NYSE:CSR) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage issued an equal weight rating and a $68.00 price target on the stock.

CSR has been the topic of several other reports. Royal Bank of Canada boosted their target price on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Janney Montgomery Scott raised shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a research report on Wednesday, January 15th. Finally, Wedbush started coverage on shares of Centerspace in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 target price for the company. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $73.63.

Centerspace Price Performance

Shares of Centerspace stock opened at $63.92 on Wednesday. The company’s fifty day simple moving average is $62.74 and its two-hundred day simple moving average is $67.88. Centerspace has a 12-month low of $54.76 and a 12-month high of $76.16. The firm has a market cap of $1.07 billion, a PE ratio of -50.33 and a beta of 0.91. 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 (NYSE:CSR) last posted its earnings results on Tuesday, February 18th. The company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $1.36. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. The company had revenue of $66.41 million for the quarter, compared to analysts’ expectations of $65.96 million. As a group, equities analysts expect that Centerspace will post 4.94 EPS for the current year.

Centerspace Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 8th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Friday, March 28th. This is a boost from Centerspace’s previous quarterly dividend of $0.75. Centerspace’s payout ratio is -242.52%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Centerspace by 8.2% during the fourth quarter. Vanguard Group Inc. now owns 2,594,366 shares of the company’s stock worth $171,617,000 after acquiring an additional 195,629 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Centerspace by 6.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company’s stock worth $71,834,000 after purchasing an additional 61,394 shares in the last quarter. State Street Corp grew its stake in shares of Centerspace by 0.5% in the 3rd quarter. State Street Corp now owns 897,749 shares of the company’s stock worth $63,931,000 after buying an additional 4,263 shares during the last quarter. Silvercrest Asset Management Group LLC increased its position in Centerspace by 6.9% during 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 increased its position in Centerspace by 7.3% during 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 currently 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.