Wedbush Begins Coverage on Centerspace (NYSE:CSR)

Research analysts at Wedbush assumed coverage on shares of Centerspace (NYSE:CSR) in a note issued to investors on Tuesday, MarketBeat reports. The firm set a “neutral” rating and a $72.00 price target on the stock. Wedbush’s price target points to a potential upside of 9.57% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. Raymond James cut shares of Centerspace from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $76.00 price objective on shares of Centerspace in a research report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $75.33.

Centerspace Price Performance

CSR opened at $65.71 on Tuesday. The company has a fifty day simple moving average of $71.08 and a 200 day simple moving average of $70.96. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.70. The stock has a market cap of $1.09 billion, a P/E ratio of -40.81, a P/E/G ratio of 2.05 and a beta of 0.89. Centerspace has a 12 month low of $52.26 and a 12 month high of $76.16.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($1.57). Centerspace had a negative return on equity of 1.72% and a negative net margin of 5.57%. The business had revenue of $65.03 million during the quarter, compared to the consensus estimate of $66.35 million. During the same quarter last year, the company earned $1.20 earnings per share. On average, research analysts expect that Centerspace will post 4.86 EPS for the current year.

Institutional Investors Weigh In On Centerspace

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC grew its holdings in shares of Centerspace by 1,553.4% in the 3rd quarter. Barclays PLC now owns 102,859 shares of the company’s stock valued at $7,249,000 after acquiring an additional 96,638 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Centerspace by 295.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,820 shares of the company’s stock valued at $7,598,000 after purchasing an additional 80,566 shares during the last quarter. Wellington Management Group LLP grew its stake in Centerspace by 6.4% in the third quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company’s stock valued at $71,834,000 after purchasing an additional 61,394 shares in the last quarter. Millennium Management LLC increased its position 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 last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Centerspace by 9.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 275,511 shares of the company’s stock worth $19,415,000 after purchasing an additional 23,839 shares in the last quarter. 79.00% of the stock is currently owned by institutional investors and hedge funds.

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.