Sumitomo Mitsui Trust Holdings Inc. Increases Stake in Centerspace (NYSE:CSR)

Sumitomo Mitsui Trust Holdings Inc. raised its position in Centerspace (NYSE:CSR) by 10.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 18,055 shares of the company’s stock after purchasing an additional 1,666 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.12% of Centerspace worth $1,051,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. purchased a new position in shares of Centerspace during the 4th quarter worth $149,000. DekaBank Deutsche Girozentrale raised its holdings in shares of Centerspace by 18.8% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,709 shares of the company’s stock worth $224,000 after acquiring an additional 587 shares during the period. Capital Square LLC raised its holdings in shares of Centerspace by 11.2% during the 3rd quarter. Capital Square LLC now owns 6,482 shares of the company’s stock worth $357,000 after acquiring an additional 651 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Centerspace by 4.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 6,605 shares of the company’s stock worth $398,000 after acquiring an additional 290 shares during the period. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Centerspace during the 4th quarter worth $436,000. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CSR shares. Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 price target on shares of Centerspace in a report on Friday, March 22nd. Piper Sandler restated a “neutral” rating and issued a $63.00 price objective on shares of Centerspace in a 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.57.

Centerspace Stock Performance

NYSE CSR opened at $64.36 on Friday. The company has a market cap of $958.32 million, a P/E ratio of 27.62, a P/E/G ratio of 1.95 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 $57.97 and a two-hundred day moving average of $55.85. 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 4.66%. The ex-dividend date was Wednesday, March 27th. Centerspace’s payout ratio is currently 128.76%.

Insider Buying and Selling at Centerspace

In other news, Director John A. Schissel bought 500 shares of the company’s stock in a transaction on Monday, March 11th. The stock was bought at an average cost of $56.40 per share, with a total value of $28,200.00. Following the transaction, the director now directly owns 9,522 shares in the company, valued at approximately $537,040.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.86% of the stock is currently owned by corporate insiders.

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.