Short Interest in Centerspace (NYSE:CSR) Drops By 6.9%

Centerspace (NYSE:CSR) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 195,800 shares, a decline of 6.9% from the March 15th total of 210,300 shares. Based on an average trading volume of 73,200 shares, the short-interest ratio is presently 2.7 days.

Insider Transactions at Centerspace

In related news, Director John A. Schissel purchased 500 shares of Centerspace stock in a transaction dated Monday, March 11th. The shares were acquired at an average price of $56.40 per share, for a total transaction of $28,200.00. Following the acquisition, the director now directly owns 9,522 shares in the company, valued at $537,040.80. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On Centerspace

Several institutional investors have recently bought and sold shares of CSR. Bank of New York Mellon Corp grew its position in Centerspace by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 167,277 shares of the company’s stock valued at $16,413,000 after acquiring an additional 2,193 shares in the last quarter. MetLife Investment Management LLC grew its position in Centerspace by 35.5% in the 1st quarter. MetLife Investment Management LLC now owns 7,203 shares of the company’s stock valued at $707,000 after acquiring an additional 1,887 shares in the last quarter. Rhumbline Advisers grew its position in Centerspace by 2.4% in the 1st quarter. Rhumbline Advisers now owns 42,807 shares of the company’s stock valued at $4,200,000 after acquiring an additional 1,005 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Centerspace by 19.8% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,933 shares of the company’s stock valued at $1,269,000 after acquiring an additional 2,139 shares in the last quarter. Finally, BlackRock Inc. grew its position in Centerspace by 2.2% in the 1st quarter. BlackRock Inc. now owns 2,736,058 shares of the company’s stock valued at $268,463,000 after acquiring an additional 58,404 shares in the last quarter. 79.00% of the stock is owned by institutional investors and hedge funds.

Centerspace Stock Performance

NYSE CSR opened at $61.93 on Thursday. The company has a market cap of $922.08 million, a P/E ratio of 26.58, a P/E/G ratio of 1.86 and a beta of 0.93. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.03 and a quick ratio of 0.03. The stock has a 50-day moving average of $56.74 and a two-hundred day moving average of $55.56. Centerspace has a 1-year low of $46.74 and a 1-year high of $66.99.

Centerspace Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 8th. Shareholders of record on Thursday, March 28th were given a $0.75 dividend. This is an increase from Centerspace’s previous quarterly dividend of $0.73. This represents a $3.00 annualized dividend and a yield of 4.84%. The ex-dividend date of this dividend was Wednesday, March 27th. Centerspace’s payout ratio is currently 128.76%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and set a $63.00 price objective on shares of Centerspace in a research report on Friday, March 22nd. Piper Sandler reissued a “neutral” rating and set a $63.00 price objective on shares of Centerspace in a research report on Tuesday, March 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.57.

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.