Centerspace (NYSE:CSR) Short Interest Up 509.0% in August

Centerspace (NYSE:CSR) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totalling 794,800 shares, a growth of 509.0% from the August 15th total of 130,500 shares. Based on an average daily volume of 138,100 shares, the short-interest ratio is currently 5.8 days.

Centerspace Trading Up 1.3 %

Centerspace stock traded up $0.91 during mid-day trading on Thursday, hitting $73.48. The company’s stock had a trading volume of 76,835 shares, compared to its average volume of 101,955. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.04 and a current ratio of 0.04. The company has a 50 day moving average of $71.87 and a 200-day moving average of $66.37. Centerspace has a one year low of $46.74 and a one year high of $76.16. The stock has a market cap of $1.10 billion, a PE ratio of -91.85, a P/E/G ratio of 2.20 and a beta of 0.90.

Centerspace (NYSE:CSR) last issued its earnings results on Monday, July 29th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($1.39). The company had revenue of $65.04 million during the quarter, compared to the consensus estimate of $65.90 million. Centerspace had a negative return on equity of 0.67% and a negative net margin of 2.16%. During the same quarter in the prior year, the company earned $1.28 earnings per share. On average, research analysts anticipate that Centerspace will post 4.83 EPS for the current year.

Centerspace Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Monday, September 30th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.08%. Centerspace’s dividend payout ratio is presently -375.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Rothschild Investment LLC acquired a new position in shares of Centerspace during the second quarter valued at about $42,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Centerspace in the first quarter worth $173,000. Victory Capital Management Inc. acquired a new stake in shares of Centerspace during the second quarter worth $209,000. Daiwa Securities Group Inc. increased its position in shares of Centerspace by 4.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,764 shares of the company’s stock valued at $272,000 after acquiring an additional 222 shares during the period. Finally, BTC Capital Management Inc. acquired a new stake in Centerspace during the 1st quarter worth about $279,000. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Piper Sandler boosted their price objective on Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, July 31st. Royal Bank of Canada raised their price target on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Raymond James upped their price objective on Centerspace from $75.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, BTIG Research boosted their price target on Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Centerspace currently has a consensus rating of “Moderate Buy” and an average price target of $72.29.

About Centerspace

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.