Peregrine Capital Management LLC Cuts Stock Holdings in Centerspace $CSR

Peregrine Capital Management LLC decreased its stake in shares of Centerspace (NYSE:CSR) by 3.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 88,780 shares of the company’s stock after selling 2,974 shares during the period. Peregrine Capital Management LLC’s holdings in Centerspace were worth $5,344,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Illinois Municipal Retirement Fund boosted its position in shares of Centerspace by 2.6% during the first quarter. Illinois Municipal Retirement Fund now owns 8,726 shares of the company’s stock valued at $565,000 after buying an additional 225 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Centerspace by 0.3% during the first quarter. Vanguard Group Inc. now owns 2,603,360 shares of the company’s stock valued at $168,568,000 after buying an additional 8,994 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its position in shares of Centerspace by 157.4% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 57,468 shares of the company’s stock valued at $3,721,000 after buying an additional 35,139 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Centerspace by 21.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 24,322 shares of the company’s stock worth $1,575,000 after acquiring an additional 4,369 shares during the period. Finally, Invesco Ltd. lifted its holdings in Centerspace by 32.3% during the first quarter. Invesco Ltd. now owns 135,365 shares of the company’s stock worth $8,765,000 after acquiring an additional 33,069 shares during the period. Hedge funds and other institutional investors own 79.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CSR. UBS Group dropped their price target on Centerspace from $67.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, July 15th. Cantor Fitzgerald began coverage on Centerspace in a report on Wednesday, October 1st. They set a “neutral” rating and a $62.00 price target on the stock. Wells Fargo & Company dropped their price target on Centerspace from $68.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Centerspace in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered Centerspace from a “hold” rating to a “sell” rating in a report on Sunday, September 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.00.

Insider Activity

In related news, CEO Anne Olson purchased 750 shares of Centerspace stock in a transaction dated Friday, August 8th. The stock was bought at an average cost of $55.10 per share, for a total transaction of $41,325.00. Following the completion of the transaction, the chief executive officer owned 19,496 shares in the company, valued at $1,074,229.60. This trade represents a 4.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John A. Schissel purchased 500 shares of Centerspace stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $54.00 per share, with a total value of $27,000.00. Following the completion of the transaction, the director owned 14,398 shares of the company’s stock, valued at $777,492. This represents a 3.60% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 1,750 shares of company stock worth $95,325. 0.44% of the stock is owned by corporate insiders.

Centerspace Price Performance

CSR opened at $60.04 on Wednesday. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -33.36 and a beta of 0.73. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.97. The firm has a 50-day moving average price of $58.81 and a 200-day moving average price of $59.54. Centerspace has a twelve month low of $52.76 and a twelve month high of $75.92.

Centerspace (NYSE:CSR) last posted its earnings results on Monday, August 4th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.02. The firm had revenue of $68.55 million during the quarter, compared to the consensus estimate of $67.89 million. Centerspace had a negative net margin of 9.13% and a negative return on equity of 2.81%. Centerspace has set its FY 2025 guidance at 4.880-5.000 EPS. Equities analysts expect that Centerspace will post 4.94 EPS for the current year.

Centerspace Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Monday, September 29th were given a $0.77 dividend. The ex-dividend date was Monday, September 29th. This represents a $3.08 annualized dividend and a dividend yield of 5.1%. Centerspace’s payout ratio is -171.11%.

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.