Legal & General Group Plc Sells 6,121 Shares of Centerspace (NYSE:CSR)

Legal & General Group Plc cut its position in shares of Centerspace (NYSE:CSR) by 5.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 107,484 shares of the company’s stock after selling 6,121 shares during the period. Legal & General Group Plc owned about 0.65% of Centerspace worth $7,110,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CSR. Vanguard Group Inc. lifted its stake in Centerspace by 8.2% in 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 during the period. Geode Capital Management LLC boosted its stake in shares of Centerspace by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 415,680 shares of the company’s stock valued at $27,503,000 after purchasing an additional 28,163 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Centerspace by 17.7% during the fourth quarter. JPMorgan Chase & Co. now owns 227,399 shares of the company’s stock valued at $15,042,000 after buying an additional 34,157 shares during the period. Bank of New York Mellon Corp raised its stake in Centerspace by 3.0% in the fourth quarter. Bank of New York Mellon Corp now owns 126,121 shares of the company’s stock worth $8,343,000 after buying an additional 3,645 shares in the last quarter. Finally, Barclays PLC lifted its holdings in Centerspace by 1,553.4% during the third quarter. Barclays PLC now owns 102,859 shares of the company’s stock worth $7,249,000 after buying an additional 96,638 shares during the period. Institutional investors own 79.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CSR. Janney Montgomery Scott upgraded Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a report on Wednesday, January 15th. BMO Capital Markets upgraded shares of Centerspace from a “market perform” rating to an “outperform” rating and set a $77.00 price target on the stock in a report on Friday, April 4th. Royal Bank of Canada boosted their price objective on shares of Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. UBS Group initiated coverage on shares of Centerspace in a research note on Monday, April 7th. They issued a “neutral” rating and a $67.00 target price for the company. Finally, Wells Fargo & Company began coverage on Centerspace in a report on Wednesday, March 19th. They set an “equal weight” rating and a $68.00 price objective for the company. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $73.30.

Centerspace Stock Performance

CSR opened at $57.60 on Friday. The company has a current ratio of 0.04, a quick ratio of 0.05 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $963.53 million, a PE ratio of -45.36 and a beta of 0.79. The firm has a 50 day moving average of $62.39 and a two-hundred day moving average of $65.77. Centerspace has a 12-month low of $54.13 and a 12-month high of $76.16.

Centerspace (NYSE:CSR) last issued its quarterly earnings results on Tuesday, February 18th. The company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $1.36. The firm had revenue of $66.41 million for the quarter, compared to analyst estimates of $65.96 million. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. On average, analysts anticipate that Centerspace will post 4.94 EPS for the current year.

Centerspace Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 8th. Investors of record on Friday, March 28th were issued a $0.77 dividend. The ex-dividend date was Friday, March 28th. This is a boost from Centerspace’s previous quarterly dividend of $0.75. This represents a $3.08 dividend on an annualized basis and a yield of 5.35%. Centerspace’s dividend payout ratio is currently -242.52%.

Centerspace 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.