Centerspace (NYSE:CSR) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Shares of Centerspace (NYSE:CSR) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $59.49 and traded as high as $59.81. Centerspace shares last traded at $59.5860, with a volume of 253,804 shares.

Analyst Upgrades and Downgrades

CSR has been the topic of several analyst reports. Wells Fargo & Company cut their target price on Centerspace from $57.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Monday, October 19th. UBS Group lowered their price target on Centerspace from $68.00 to $65.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 14th. Royal Bank Of Canada decreased their target price on Centerspace from $67.00 to $64.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 5th. Compass Point upgraded Centerspace from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $64.50 to $80.00 in a report on Wednesday, September 9th. Finally, Piper Sandler lowered their price target on Centerspace from $58.00 to $56.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Two research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Centerspace currently has an average rating of “Hold” and a consensus price target of $62.50.

Centerspace Price Performance

The company has a market cap of $963.47 million, a price-to-earnings ratio of 10.71 and a beta of 0.82. The company has a 50-day simple moving average of $55.89 and a 200-day simple moving average of $59.42. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.03 and a current ratio of 0.03.

Centerspace (NYSE:CSR) last released its quarterly earnings results on Monday, November 2nd. The company reported $7.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $7.13. Centerspace had a return on equity of 11.18% and a net margin of 35.40%. The company had revenue of $59.52 million during the quarter, compared to analysts’ expectations of $62.74 million. As a group, research analysts predict that Centerspace will post 4.67 earnings per share for the current year.

Centerspace Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 14th. Stockholders of record on Tuesday, September 29th were given a dividend of $0.77 per share. The ex-dividend date of this dividend was Tuesday, September 29th. This represents a $3.08 annualized dividend and a dividend yield of 5.4%. Centerspace’s dividend payout ratio (DPR) is presently 57.57%.

Institutional Investors Weigh In On Centerspace

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund bought a new position in shares of Centerspace in the third quarter valued at approximately $203,000. Pinnacle Wealth Planning Services Inc. acquired a new position in Centerspace during the 3rd quarter valued at about $41,000. Asset Management One Co. Ltd. acquired a new stake in Centerspace during the 3rd quarter worth $1,276,000. Pacific Heights Asset Management LLC bought a new stake in Centerspace in the second quarter valued at about $16,857,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Centerspace in the second quarter valued at about $1,091,000. 79.00% of the stock is currently owned by institutional investors.

About Centerspace

Centerspace (NYSE:CSR) is a real estate investment trust focused on the ownership, acquisition, development and operation of multifamily apartment communities. The company provides residential housing through a portfolio of apartment properties and generates revenue primarily from rents and related resident services.

Centerspace serves markets in the Mountain West and Midwest, with communities located in states including Colorado, Minnesota, Montana, Nebraska, North Dakota and South Dakota.