Centerspace (NYSE:CSR) Stake Increased by Geode Capital Management LLC

Geode Capital Management LLC raised its stake in shares of Centerspace (NYSE:CSR) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 387,517 shares of the company’s stock after acquiring an additional 11,749 shares during the quarter. Geode Capital Management LLC owned approximately 2.34% of Centerspace worth $27,314,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Captrust Financial Advisors bought a new stake in Centerspace in the third quarter valued at about $234,000. Intech Investment Management LLC bought a new position in Centerspace during the third quarter worth $403,000. Charles Schwab Investment Management Inc. boosted its holdings in Centerspace by 9.5% in the third 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 during the period. Millennium Management LLC increased its stake in Centerspace by 377.3% during the second quarter. Millennium Management LLC now owns 43,604 shares of the company’s stock valued at $2,949,000 after purchasing an additional 34,469 shares during the last quarter. Finally, Cerity Partners LLC bought a new position in shares of Centerspace in the 3rd quarter worth about $746,000. 79.00% of the stock is owned by institutional investors and hedge funds.

Centerspace Stock Down 0.0 %

Shares of Centerspace stock opened at $66.42 on Friday. Centerspace has a 1-year low of $52.26 and a 1-year high of $76.16. The company has a market capitalization of $1.10 billion, a P/E ratio of -41.25, a PEG ratio of 2.05 and a beta of 0.89. The business’s fifty day moving average price is $70.54 and its two-hundred day moving average price is $70.83. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.05 and a quick ratio of 0.05.

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

Centerspace Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $3.00 annualized dividend and a yield of 4.52%. Centerspace’s payout ratio is -186.34%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $76.00 price objective on shares of Centerspace in a research report on Wednesday, October 30th. Wedbush began coverage on Centerspace in a research report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price objective for the company. Finally, Raymond James lowered Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $75.33.

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.