Centerspace (NYSE:CSR) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in shares of Centerspace (NYSE:CSR) by 3.6% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 81,338 shares of the company’s stock after purchasing an additional 2,852 shares during the period. Principal Financial Group Inc. owned approximately 0.53% of Centerspace worth $5,732,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CSR. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Centerspace by 35.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 579 shares of the company’s stock valued at $41,000 after buying an additional 150 shares in the last quarter. Rothschild Investment LLC acquired a new position in Centerspace in the 2nd quarter valued at about $42,000. Van ECK Associates Corp increased its stake in Centerspace by 15.2% during the third quarter. Van ECK Associates Corp now owns 2,626 shares of the company’s stock worth $186,000 after purchasing an additional 347 shares during the period. abrdn plc acquired a new stake in shares of Centerspace during the third quarter worth about $210,000. Finally, Victory Capital Management Inc. purchased a new position in shares of Centerspace in the second quarter valued at approximately $209,000. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Centerspace Stock Down 1.2 %

Shares of NYSE CSR opened at $72.55 on Thursday. Centerspace has a 1 year low of $52.26 and a 1 year high of $76.16. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -45.06, a price-to-earnings-growth ratio of 2.14 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.05 and a quick ratio of 0.05. The business has a 50-day moving average of $71.60 and a two-hundred day moving average of $70.63.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Monday, October 28th. The company reported ($0.40) EPS 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 analysts’ expectations of $66.35 million. Centerspace had a negative net margin of 5.57% and a negative return on equity of 1.72%. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, analysts forecast that Centerspace will post 4.85 earnings per share for the current fiscal year.

Centerspace Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 30th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend was Monday, September 30th. Centerspace’s payout ratio is -186.33%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CSR. Royal Bank of Canada reaffirmed an “outperform” rating and set a $76.00 target price on shares of Centerspace in a research note on Wednesday, October 30th. BTIG Research increased their price objective on Centerspace from $69.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Piper Sandler boosted their target price on Centerspace from $64.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 31st. Finally, Raymond James lowered Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $76.00.

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.