Short Interest in Centerspace (NYSE:CSR) Expands By 59.6%

Centerspace (NYSE:CSR) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 274,200 shares, an increase of 59.6% from the December 15th total of 171,800 shares. Based on an average daily trading volume, of 116,200 shares, the days-to-cover ratio is presently 2.4 days.

Centerspace Stock Performance

Centerspace stock traded down $0.54 during mid-day trading on Friday, reaching $60.95. The company’s stock had a trading volume of 85,618 shares, compared to its average volume of 96,183. The firm’s fifty day moving average price is $68.44 and its two-hundred day moving average price is $70.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.05 and a current ratio of 0.05. Centerspace has a 12-month low of $52.26 and a 12-month high of $76.16. The company has a market capitalization of $1.01 billion, a P/E ratio of -37.86, a PEG ratio of 1.74 and a beta of 0.91.

Centerspace (NYSE:CSR) last released its quarterly earnings data on Monday, October 28th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($1.57). Centerspace had a negative net margin of 5.57% and a negative return on equity of 1.72%. The company had revenue of $65.03 million for the quarter, compared to the consensus estimate of $66.35 million. During the same quarter in the previous year, the firm posted $1.20 earnings per share. Sell-side analysts predict that Centerspace will post 4.85 EPS for the current fiscal year.

Centerspace Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.92%. Centerspace’s dividend payout ratio (DPR) is currently -186.34%.

Institutional Trading of Centerspace

Institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake 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 buying an additional 39,380 shares during the period. Geode Capital Management LLC raised its holdings in shares of Centerspace by 3.1% in the 3rd quarter. Geode Capital Management LLC now owns 387,517 shares of the company’s stock valued at $27,314,000 after acquiring an additional 11,749 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of Centerspace during the 3rd quarter valued at about $234,000. Principal Financial Group Inc. grew its holdings in shares of Centerspace by 3.6% during the third quarter. Principal Financial Group Inc. now owns 81,338 shares of the company’s stock worth $5,732,000 after purchasing an additional 2,852 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Centerspace during the third quarter worth about $403,000. 79.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CSR has been the subject of a number of research analyst reports. Wedbush began coverage on Centerspace in a research report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price target for the company. Raymond James downgraded Centerspace from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $76.00 target price on shares of Centerspace in a research note on Wednesday, October 30th. Finally, Janney Montgomery Scott raised shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $74.86.

Centerspace Company 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.