The Manufacturers Life Insurance Company Raises Position in Centerspace (NYSE:CSR)

The Manufacturers Life Insurance Company raised its holdings in Centerspace (NYSE:CSR) by 3.1% in the second quarter, Holdings Channel reports. The fund owned 5,736 shares of the company’s stock after buying an additional 171 shares during the period. The Manufacturers Life Insurance Company’s holdings in Centerspace were worth $388,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Quadrature Capital Ltd purchased a new position in shares of Centerspace during the 4th quarter worth approximately $607,000. BTC Capital Management Inc. acquired a new stake in Centerspace during the 1st quarter worth $279,000. Allspring Global Investments Holdings LLC acquired a new stake in Centerspace during the 1st quarter worth $173,000. Principal Financial Group Inc. increased its stake in Centerspace by 5.1% in the first quarter. Principal Financial Group Inc. now owns 82,460 shares of the company’s stock valued at $4,712,000 after purchasing an additional 3,984 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in Centerspace by 4.9% in the first quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock valued at $272,000 after purchasing an additional 222 shares during the period. Institutional investors and hedge funds own 79.00% of the company’s stock.

Centerspace Price Performance

Shares of CSR stock opened at $72.02 on Thursday. The company has a market capitalization of $1.07 billion, a PE ratio of -90.03, a price-to-earnings-growth ratio of 2.08 and a beta of 0.89. The firm has a fifty day simple moving average of $72.94 and a 200-day simple moving average of $69.07. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.79. Centerspace has a twelve month low of $46.74 and a twelve month high of $76.16.

Centerspace (NYSE:CSR) last posted its quarterly earnings data on Monday, July 29th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.39). Centerspace had a negative net margin of 2.16% and a negative return on equity of 0.67%. The company had revenue of $65.04 million for the quarter, compared to the consensus estimate of $65.90 million. During the same quarter last year, the company earned $1.28 earnings per share. Equities research analysts anticipate that Centerspace will post 4.83 earnings per share for the current fiscal year.

Centerspace Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Monday, September 30th were given a $0.75 dividend. The ex-dividend date was Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.17%. Centerspace’s payout ratio is currently -375.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CSR. BTIG Research boosted 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. Piper Sandler upped their price target on shares of Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Raymond James boosted their price objective on shares of Centerspace from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Royal Bank of Canada upped their price target on shares of Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Centerspace currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.40.

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.