Centerspace (NYSE:CSR) Now Covered by Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of Centerspace (NYSE:CSR) in a research note published on Wednesday, Marketbeat Ratings reports. The firm issued an equal weight rating and a $68.00 price target on the stock.

CSR has been the subject of several other reports. Janney Montgomery Scott raised shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a report on Wednesday, January 15th. Royal Bank of Canada lifted their target price on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Wedbush began coverage on Centerspace in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $73.63.

Centerspace Stock Performance

Shares of CSR stock opened at $63.63 on Wednesday. The firm has a market capitalization of $1.06 billion, a PE ratio of -50.10 and a beta of 0.91. The company has a 50 day moving average price of $62.86 and a 200-day moving average price of $67.78. Centerspace has a 52 week low of $54.90 and a 52 week high of $76.16. The company has a quick ratio of 0.05, a current ratio of 0.04 and a debt-to-equity ratio of 0.74.

Centerspace (NYSE:CSR) last released 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. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. The firm had revenue of $66.41 million for the quarter, compared to the consensus estimate of $65.96 million. As a group, equities research analysts expect that Centerspace will post 4.94 earnings per share for the current year.

Centerspace Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 8th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 4.84%. The ex-dividend date is Friday, March 28th. This is an increase from Centerspace’s previous quarterly dividend of $0.75. Centerspace’s dividend payout ratio is -242.52%.

Hedge Funds Weigh In On Centerspace

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Centerspace by 25.6% in the third quarter. JPMorgan Chase & Co. now owns 193,242 shares of the company’s stock worth $13,618,000 after purchasing an additional 39,380 shares during the last quarter. Geode Capital Management LLC grew its position in Centerspace by 3.1% in the third quarter. Geode Capital Management LLC now owns 387,517 shares of the company’s stock worth $27,314,000 after acquiring an additional 11,749 shares in the last quarter. Principal Financial Group Inc. increased its stake in Centerspace by 11.6% during the fourth quarter. Principal Financial Group Inc. now owns 90,753 shares of the company’s stock worth $6,003,000 after acquiring an additional 9,415 shares during the last quarter. Captrust Financial Advisors purchased a new stake in Centerspace during the third quarter valued at approximately $234,000. Finally, Intech Investment Management LLC bought a new stake in shares of Centerspace in the 3rd quarter valued at approximately $403,000. 79.00% of the stock is owned by institutional investors.

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.