Resona Asset Management Co. Ltd. Takes $433,000 Position in Centerspace (NYSE:CSR)

Resona Asset Management Co. Ltd. acquired a new position in Centerspace (NYSE:CSR) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 6,570 shares of the company’s stock, valued at approximately $433,000.

Several other institutional investors have also modified their holdings of CSR. JPMorgan Chase & Co. grew its position in Centerspace by 25.6% in the third quarter. JPMorgan Chase & Co. now owns 193,242 shares of the company’s stock worth $13,618,000 after buying an additional 39,380 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Centerspace by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 387,517 shares of the company’s stock worth $27,314,000 after acquiring an additional 11,749 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Centerspace by 11.6% in the 4th quarter. Principal Financial Group Inc. now owns 90,753 shares of the company’s stock worth $6,003,000 after acquiring an additional 9,415 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of Centerspace during the third quarter worth $234,000. Finally, Intech Investment Management LLC lifted its holdings in shares of Centerspace by 76.8% during the fourth quarter. Intech Investment Management LLC now owns 10,108 shares of the company’s stock valued at $669,000 after purchasing an additional 4,391 shares during the last quarter. Institutional investors and hedge funds own 79.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. BMO Capital Markets upgraded Centerspace from a “market perform” rating to an “outperform” rating and set a $77.00 price objective on the stock in a report on Friday, April 4th. Wells Fargo & Company assumed coverage on shares of Centerspace in a research report on Wednesday, March 19th. They issued an “equal weight” rating and a $68.00 price target for the company. Janney Montgomery Scott raised shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Wednesday, January 15th. UBS Group started coverage on shares of Centerspace in a research note on Monday, April 7th. They set a “neutral” rating and a $67.00 target price on the stock. Finally, Royal Bank of Canada raised their target price on Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $73.30.

Centerspace Trading Up 0.6 %

Shares of NYSE CSR opened at $57.26 on Friday. The business has a 50 day simple moving average of $62.81 and a 200 day simple moving average of $66.25. Centerspace has a 52 week low of $54.13 and a 52 week high of $76.16. The stock has a market cap of $957.79 million, a price-to-earnings ratio of -45.09 and a beta of 0.79. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.05 and a current ratio of 0.04.

Centerspace (NYSE:CSR) last posted its earnings results on Tuesday, February 18th. The company reported $1.21 EPS for the quarter, topping the consensus estimate of ($0.15) by $1.36. The company had revenue of $66.41 million during the quarter, compared to the consensus estimate of $65.96 million. Centerspace had a negative net margin of 4.34% and a negative return on equity of 1.34%. On average, research analysts predict that Centerspace will post 4.94 earnings per share for the current fiscal year.

Centerspace Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 8th. Shareholders of record on Friday, March 28th were issued a dividend of $0.77 per share. This is a positive change from Centerspace’s previous quarterly dividend of $0.75. This represents a $3.08 annualized dividend and a yield of 5.38%. The ex-dividend date was Friday, March 28th. Centerspace’s dividend payout ratio (DPR) is -242.52%.

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.