The Teacher Retirement System of Texas has decreased its stake in Centerspace (NYSE: CSR) by 12.0%, according to a recent filing with the Securities and Exchange Commission (SEC). The fund now holds 19,508 shares of the company after selling 2,663 shares during the second quarter. As of the latest reporting period, the value of its holdings in Centerspace stood at approximately $1,174,000.
Several institutional investors have also adjusted their holdings in Centerspace. Notably, Nuveen LLC established a new position valued at $13,147,000 in the first quarter. Meanwhile, Millennium Management LLC increased its stake by an impressive 307.3%, acquiring an additional 138,861 shares to hold a total of 184,051 shares worth about $11,917,000. Other firms, such as Allianz Asset Management GmbH and Cbre Investment Management, have also made significant purchases during this period. As it stands, institutional investors and hedge funds own 79.00% of Centerspace stock.
Insider Transactions and Stock Performance
Recent insider activity at Centerspace has caught attention. Director John A. Schissel purchased 500 shares on August 8, 2023, at an average price of $54.00 per share, totaling $27,000. Following this transaction, Schissel’s holdings increased to 14,398 shares, valued at approximately $777,492. Similarly, CEO Anne Olson acquired 750 shares on the same day, paying an average of $55.10 per share, bringing her total to 19,496 shares worth about $1,074,229.60. These purchases represent increases of 3.60% and 4.00% in their respective holdings.
In the last three months, insiders have purchased a total of 1,750 shares for a combined value of $95,325. It is important to note that corporate insiders own 0.44% of the company’s stock.
Despite the insider buying, Centerspace shares have seen a slight decline of 0.7%. On Thursday, the stock opened at $59.98, down from a 12-month high of $75.92 and above a low of $52.76. The company’s market capitalization is approximately $1.01 billion, with a price-to-earnings ratio of -33.32 and a beta of 0.73.
Quarterly Earnings and Dividend Announcements
Centerspace recently reported its quarterly earnings, revealing earnings per share (EPS) of $1.19, which fell short of the consensus estimate of $1.22 by $0.03. The company recorded a revenue of $71.40 million, surpassing analyst expectations of $69.07 million. For the fiscal year 2025, Centerspace has set a guidance range of $4.880-$4.960 EPS. Analysts forecast an EPS of $4.94 for the current fiscal year.
In addition, Centerspace declared a quarterly dividend of $0.77 per share, which was paid on October 10, 2023. Investors who were on record as of September 29, 2023, received this dividend, amounting to an annualized dividend of $3.08 and a yield of 5.1%. However, the company’s dividend payout ratio currently stands at -171.11%.
Founded in 1970, Centerspace specializes in managing a range of apartment communities across several states, including Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. As of September 30, 2023, the company owns interests in 71 apartment communities, comprising 12,785 apartment homes.
For those interested in tracking further developments related to Centerspace, resources such as HoldingsChannel.com provide comprehensive insights into institutional holdings and insider trades.
