Centerspace (NYSE:CSR) to Issue Quarterly Dividend of $0.75

Centerspace (NYSE:CSR) announced a quarterly dividend on Monday, December 2nd,NASDAQ Dividends reports. Investors of record on Monday, December 30th will be paid a dividend of 0.75 per share on Monday, January 13th. This represents a $3.00 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date is Monday, December 30th.

Centerspace has increased its dividend by an average of 1.4% annually over the last three years. Centerspace has a payout ratio of -731.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Centerspace to earn $4.97 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 60.4%.

Centerspace Stock Performance

Shares of CSR traded down $1.21 during mid-day trading on Tuesday, hitting $71.18. 81,714 shares of the company’s stock were exchanged, compared to its average volume of 104,843. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.05 and a quick ratio of 0.05. Centerspace has a 52 week low of $52.26 and a 52 week high of $76.16. The company has a 50-day simple moving average of $71.44 and a 200 day simple moving average of $70.82.

Centerspace (NYSE:CSR) last posted its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($1.57). Centerspace had a negative return on equity of 1.72% and a negative net margin of 5.57%. The business had revenue of $65.03 million for the quarter, compared to analyst estimates of $66.35 million. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, equities research analysts anticipate that Centerspace will post 4.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CSR. Raymond James lowered shares of Centerspace from an “outperform” rating to a “market perform” rating in a research note on Monday, October 21st. BTIG Research lifted 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. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $76.00 price objective on shares of Centerspace in a research note on Wednesday, October 30th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Centerspace has a consensus rating of “Hold” and a consensus target price of $76.00.

Centerspace Company 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.