Cornercap Investment Counsel Inc. Lowers Stock Position in Centerspace (NYSE:CSR)

Cornercap Investment Counsel Inc. lessened its holdings in Centerspace (NYSE:CSR) by 51.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,606 shares of the company’s stock after selling 5,863 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Centerspace were worth $395,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Centerspace during the 1st quarter worth approximately $173,000. Texas Permanent School Fund Corp raised its position in shares of Centerspace by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 13,174 shares of the company’s stock worth $753,000 after purchasing an additional 176 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Centerspace by 20.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 5,214 shares of the company’s stock valued at $285,000 after acquiring an additional 900 shares during the last quarter. Vanguard Group Inc. raised its holdings in Centerspace by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 2,401,497 shares of the company’s stock valued at $137,222,000 after acquiring an additional 9,984 shares during the last quarter. Finally, UniSuper Management Pty Ltd raised its holdings in Centerspace by 199.4% in the 1st quarter. UniSuper Management Pty Ltd now owns 12,785 shares of the company’s stock valued at $731,000 after acquiring an additional 8,515 shares during the last quarter. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Wall Street Analyst Weigh In

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

Centerspace Stock Performance

NYSE:CSR opened at $72.52 on Friday. 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 firm has a 50-day moving average of $71.64 and a two-hundred day moving average of $70.55. The stock has a market cap of $1.20 billion, a P/E ratio of -45.04, a PEG ratio of 2.18 and a beta of 0.89. Centerspace has a 1-year low of $52.26 and a 1-year high of $76.16.

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 analysts’ consensus estimates of $1.17 by ($1.57). The firm 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 period in the previous year, the company earned $1.20 earnings per share. On average, research analysts expect that Centerspace will post 4.85 earnings per share for the current fiscal year.

Centerspace Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Monday, September 30th were paid a $0.75 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.14%. Centerspace’s dividend payout ratio (DPR) is presently -186.33%.

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.