Centerspace (NYSE:CSR) Sees Significant Growth in Short Interest

Centerspace (NYSE:CSR) was the recipient of a large growth in short interest in September. As of September 15th, there was short interest totalling 892,300 shares, a growth of 12.3% from the August 31st total of 794,800 shares. Based on an average daily volume of 141,500 shares, the short-interest ratio is presently 6.3 days.

Centerspace Stock Down 1.7 %

Shares of CSR traded down $1.18 during mid-day trading on Tuesday, reaching $69.29. The company had a trading volume of 29,675 shares, compared to its average volume of 103,177. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.04 and a current ratio of 0.04. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -87.99, a price-to-earnings-growth ratio of 2.18 and a beta of 0.90. The firm has a 50-day moving average price of $72.78 and a 200 day moving average price of $67.97. Centerspace has a 52 week low of $46.74 and a 52 week high of $76.16.

Centerspace (NYSE:CSR) last released its earnings results on Monday, July 29th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.39). The company had revenue of $65.04 million during the quarter, compared to analysts’ expectations of $65.90 million. Centerspace had a negative return on equity of 0.67% and a negative net margin of 2.16%. During the same period in the prior year, the company posted $1.28 earnings per share. On average, sell-side analysts forecast that Centerspace will post 4.83 EPS for the current year.

Centerspace Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend is Monday, September 30th. Centerspace’s payout ratio is -375.00%.

Institutional Investors Weigh In On Centerspace

Institutional investors and hedge funds have recently made changes to their positions in the company. Westwood Holdings Group Inc. purchased a new stake in Centerspace during the 4th quarter valued at $5,238,000. UniSuper Management Pty Ltd boosted its position in shares of Centerspace by 199.4% during the first quarter. UniSuper Management Pty Ltd now owns 12,785 shares of the company’s stock valued at $731,000 after buying an additional 8,515 shares during the last quarter. Boston Partners bought a new stake in Centerspace in the 1st quarter worth about $545,000. Price T Rowe Associates Inc. MD raised its position in Centerspace by 5.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,191 shares of the company’s stock worth $697,000 after buying an additional 652 shares during the last quarter. Finally, BTC Capital Management Inc. bought a new position in Centerspace during the 1st quarter valued at about $279,000. Institutional investors own 79.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CSR. BTIG Research increased their price target on shares of Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Royal Bank of Canada raised their target price on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Raymond James lifted their price target on Centerspace from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Piper Sandler increased their price objective on Centerspace from $64.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $72.29.

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.