Centerspace (NYSE:CSR) Sees Large Drop in Short Interest

Centerspace (NYSE:CSR) was the recipient of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 140,400 shares, a decrease of 84.3% from the September 15th total of 892,300 shares. Based on an average daily volume of 145,300 shares, the days-to-cover ratio is currently 1.0 days.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CSR shares. Royal Bank of Canada increased their target price on shares of Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Raymond James lifted their target price on Centerspace from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. BTIG Research upped their price target on Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Piper Sandler lifted their price objective on shares of Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.40.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CSR. Janus Henderson Group PLC raised its position in shares of Centerspace by 1,438.2% in the first quarter. Janus Henderson Group PLC now owns 97,940 shares of the company’s stock valued at $5,597,000 after buying an additional 91,573 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Centerspace by 377.3% during the 2nd quarter. Millennium Management LLC now owns 43,604 shares of the company’s stock worth $2,949,000 after purchasing an additional 34,469 shares during the period. Marshall Wace LLP acquired a new stake in shares of Centerspace during the second quarter worth $1,046,000. Dimensional Fund Advisors LP grew its position in shares of Centerspace by 6.9% in the second quarter. Dimensional Fund Advisors LP now owns 223,770 shares of the company’s stock valued at $15,134,000 after purchasing an additional 14,440 shares during the period. Finally, Cornercap Investment Counsel Inc. acquired a new position in Centerspace in the second quarter valued at $776,000. 79.00% of the stock is owned by hedge funds and other institutional investors.

Centerspace Price Performance

Shares of NYSE CSR opened at $69.67 on Friday. The company’s fifty day moving average is $72.83 and its two-hundred day moving average is $68.68. 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 firm has a market capitalization of $1.07 billion, a P/E ratio of -87.09, a PEG ratio of 2.08 and a beta of 0.89. Centerspace has a one year low of $46.74 and a one year high of $76.16.

Centerspace (NYSE:CSR) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.39). The firm had revenue of $65.04 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $1.28 EPS. Analysts forecast that Centerspace will post 4.83 EPS for the current fiscal year.

Centerspace Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 30th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.31%. The ex-dividend date was Monday, September 30th. Centerspace’s dividend payout ratio (DPR) is presently -375.00%.

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.