Centerspace (NYSE:CSR) Rating Lowered to Market Perform at Raymond James

Centerspace (NYSE:CSR) was downgraded by investment analysts at Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday, Marketbeat reports.

A number of other brokerages have also recently issued reports on CSR. Royal Bank of Canada increased their target price on shares of Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. BTIG Research increased their target price on shares of Centerspace from $69.00 to $79.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Piper Sandler increased their target price on shares of Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $75.40.

Centerspace Price Performance

Shares of CSR opened at $70.25 on Monday. Centerspace has a fifty-two week low of $46.74 and a fifty-two week high of $76.16. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of -88.00, a price-to-earnings-growth ratio of 2.08 and a beta of 0.89. The firm has a 50-day simple moving average of $72.89 and a 200-day simple moving average of $69.47. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.04 and a current ratio of 0.04.

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

Institutional Investors Weigh In On Centerspace

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of Centerspace by 3.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,736 shares of the company’s stock worth $388,000 after purchasing an additional 171 shares during the last quarter. Texas Permanent School Fund Corp increased its position in shares of Centerspace by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 13,174 shares of the company’s stock worth $753,000 after purchasing an additional 176 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of Centerspace by 4.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock worth $272,000 after purchasing an additional 222 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Centerspace by 2.6% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 17,401 shares of the company’s stock worth $1,177,000 after purchasing an additional 446 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Centerspace by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 139,188 shares of the company’s stock worth $9,413,000 after purchasing an additional 605 shares during the last quarter. Hedge funds and other institutional investors own 79.00% of the company’s stock.

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.