Sumitomo Mitsui Trust Group Inc. Boosts Stake in Centerspace (NYSE:CSR)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in Centerspace (NYSE:CSR) by 10.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,678 shares of the company’s stock after purchasing an additional 1,768 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.11% of Centerspace worth $1,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of CSR. Barclays PLC raised its stake in shares of Centerspace by 1,553.4% in the third quarter. Barclays PLC now owns 102,859 shares of the company’s stock worth $7,249,000 after purchasing an additional 96,638 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased 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 acquiring an additional 80,566 shares during the last quarter. Wellington Management Group LLP increased its position in Centerspace by 6.4% during the third quarter. Wellington Management Group LLP now owns 1,019,353 shares of the company’s stock valued at $71,834,000 after acquiring an additional 61,394 shares during the last quarter. JPMorgan Chase & Co. increased its position in Centerspace by 25.6% during the third quarter. JPMorgan Chase & Co. now owns 193,242 shares of the company’s stock valued at $13,618,000 after acquiring an additional 39,380 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Centerspace by 9.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 275,511 shares of the company’s stock valued at $19,415,000 after acquiring an additional 23,839 shares during the last quarter. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Centerspace Price Performance

Shares of Centerspace stock opened at $62.33 on Friday. The stock has a 50 day moving average of $63.72 and a 200 day moving average of $69.23. Centerspace has a 12 month low of $54.22 and a 12 month high of $76.16. The firm has a market cap of $1.03 billion, a PE ratio of -38.71 and a beta of 0.90. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.70.

Centerspace Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Monday, December 30th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date of this dividend was Monday, December 30th. Centerspace’s payout ratio is presently -186.33%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CSR. 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. Janney Montgomery Scott upgraded Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price objective for the company in a research report on Wednesday, January 15th. Raymond James lowered Centerspace from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $76.00 price target on shares of Centerspace in a report on Wednesday, October 30th. Four 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 stock has a consensus rating of “Hold” and an average target price of $74.86.

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.