Centerspace (NYSE:CSR) Given New $68.00 Price Target at Royal Bank of Canada

Centerspace (NYSE:CSR) had its price objective increased by Royal Bank of Canada from $66.00 to $68.00 in a research note released on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Separately, Piper Sandler restated a neutral rating and set a $63.00 target price on shares of Centerspace in a research note on Tuesday, March 26th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $66.29.

Centerspace Stock Up 2.4 %

Shares of CSR stock opened at $68.84 on Wednesday. The stock has a 50 day simple moving average of $58.55 and a 200 day simple moving average of $55.99. The company has a current ratio of 0.04, a quick ratio of 0.03 and a debt-to-equity ratio of 0.77. Centerspace has a 1 year low of $46.74 and a 1 year high of $69.61.

Centerspace (NYSE:CSR) last released its earnings results on Monday, April 29th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $1.12 by ($1.49). Centerspace had a negative return on equity of 0.73% and a negative net margin of 2.38%. The business had revenue of $64.51 million for the quarter, compared to the consensus estimate of $65.30 million. During the same quarter in the previous year, the company earned $1.07 earnings per share. Equities analysts expect that Centerspace will post 4.76 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 8th. Stockholders of record on Thursday, March 28th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.36%. This is a boost from Centerspace’s previous quarterly dividend of $0.73. The ex-dividend date was Wednesday, March 27th. Centerspace’s dividend payout ratio is presently -375.00%.

Insider Activity

In other news, Director John A. Schissel purchased 500 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was bought at an average cost of $56.40 per share, for a total transaction of $28,200.00. Following the purchase, the director now owns 9,522 shares of the company’s stock, valued at $537,040.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.92% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CSR. ICA Group Wealth Management LLC acquired a new stake in Centerspace in the fourth quarter valued at $55,000. Van ECK Associates Corp increased its holdings in Centerspace by 19.7% in the fourth quarter. Van ECK Associates Corp now owns 2,118 shares of the company’s stock valued at $123,000 after purchasing an additional 348 shares during the period. Meeder Asset Management Inc. acquired a new stake in Centerspace in the fourth quarter valued at $149,000. Allspring Global Investments Holdings LLC acquired a new stake in Centerspace in the first quarter valued at $173,000. Finally, DekaBank Deutsche Girozentrale increased its holdings in Centerspace by 18.8% in the third quarter. DekaBank Deutsche Girozentrale now owns 3,709 shares of the company’s stock valued at $224,000 after purchasing an additional 587 shares during the period. 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.