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

The Manufacturers Life Insurance Company increased its stake in Centerspace (NYSE:CSR) by 3.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,736 shares of the company’s stock after purchasing an additional 171 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Centerspace were worth $388,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Rothschild Investment LLC purchased a new position in Centerspace during the second quarter worth about $42,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Centerspace during the 1st quarter worth approximately $173,000. Victory Capital Management Inc. purchased a new position in shares of Centerspace during the 2nd quarter worth approximately $209,000. Daiwa Securities Group Inc. grew its stake 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 buying an additional 222 shares during the last quarter. Finally, BTC Capital Management Inc. purchased a new stake in shares of Centerspace in the 1st quarter worth approximately $279,000. 79.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CSR has been the topic of several analyst reports. Raymond James upped their price objective on Centerspace from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Royal Bank of Canada increased their price target on Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. BTIG Research raised their price objective on Centerspace from $69.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, Piper Sandler increased 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. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.40.

Centerspace Stock Up 1.5 %

Shares of NYSE CSR opened at $72.02 on Thursday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.04 and a quick ratio of 0.04. The company has a market cap of $1.07 billion, a P/E ratio of -90.03, a PEG ratio of 2.08 and a beta of 0.89. Centerspace has a 1 year low of $46.74 and a 1 year high of $76.16. The firm has a 50-day simple moving average of $72.94 and a two-hundred day simple moving average of $69.07.

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

Centerspace Dividend Announcement

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 dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date was Monday, September 30th. Centerspace’s payout ratio is presently -375.00%.

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.