Peregrine Capital Management LLC has reduced its stake in Centerspace (NYSE: CSR) by 3.2% during the second quarter of 2023, according to a recent disclosure with the Securities and Exchange Commission. The investment firm now holds 88,780 shares of the real estate company, following the sale of 2,974 shares during this period. The value of Peregrine’s holdings in Centerspace stood at approximately $5.34 million at the close of the quarter.
Several other institutional investors have also adjusted their positions in Centerspace. The Illinois Municipal Retirement Fund increased its holdings by 2.6% in the first quarter, acquiring an additional 225 shares to bring its total to 8,726 shares, valued at $565,000. Similarly, Vanguard Group Inc. raised its stake by 0.3%, owning a total of 2,603,360 shares worth approximately $168.57 million after purchasing an additional 8,994 shares. Cbre Investment Management Listed Real Assets LLC made a significant move, boosting its position by 157.4% to 57,468 shares, valued at $3.72 million.
In the same vein, Cambridge Investment Research Advisors Inc. lifted its holdings by 21.9%, now owning 24,322 shares worth about $1.58 million. Invesco Ltd. also increased its position by 32.3%, holding 135,365 shares valued at $8.77 million. Overall, institutional investors hold approximately 79% of Centerspace’s stock.
Analysts Weigh In on Centerspace
Brokerages have been reviewing Centerspace’s stock recently, with several adjustments to price targets. UBS Group reduced its target from $67.00 to $60.00, maintaining a “neutral” rating. Cantor Fitzgerald initiated coverage with a neutral rating and a target of $62.00. Wells Fargo & Company also lowered its price target to $60.00 while keeping an “equal weight” rating. Weiss Ratings reiterated a “sell (d+)” rating, and Wall Street Zen changed its rating from “hold” to “sell.”
As it stands, one analyst has rated the stock as a Strong Buy, three as Buy, five as Hold, and one as Sell. According to MarketBeat, the consensus rating for Centerspace is “Hold,” with an average price target of $68.00.
Insider Transactions and Company Performance
In related news, CEO Anne Olson acquired 750 shares of Centerspace on August 8, 2023, at an average price of $55.10 per share, totaling approximately $41,325. Following this transaction, Olson’s ownership increased to 19,496 shares, valued at about $1.07 million. Additionally, Director John A. Schissel purchased 500 shares at an average price of $54.00, amounting to $27,000. Together, these transactions represent a 4.0% and 3.6% increase in their respective holdings.
Over the past three months, insiders have purchased a total of 1,750 shares worth around $95,325, with corporate insiders owning approximately 0.44% of the stock.
On October 10, 2023, Centerspace declared a quarterly dividend of $0.77, paid to shareholders of record as of September 29, 2023. This dividend represents an annualized amount of $3.08 and a dividend yield of 5.1%, although the payout ratio stands at -171.11%.
Centerspace, established in 1970, operates as an owner and manager of apartment communities across the United States. As of September 30, 2023, the company owned interests in 71 apartment communities, comprising 12,785 apartment homes located in states including Colorado, Minnesota, and North Dakota.
The stock opened at $60.04 on Wednesday, with a market capitalization of $1.01 billion. Centerspace has a price-to-earnings ratio of -33.36 and a beta of 0.73. The firm recorded a twelve-month low of $52.76 and a high of $75.92.
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