Centerspace (NYSE:CSR) to Issue Quarterly Dividend of $0.77

Centerspace (NYSE:CSR) announced a quarterly dividend on Wednesday, February 19th, Wall Street Journal reports. Investors of record on Friday, March 28th will be paid a dividend of 0.77 per share on Tuesday, April 8th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date of this dividend is Friday, March 28th. This is a positive change from Centerspace’s previous quarterly dividend of $0.75.

Centerspace has decreased its dividend payment by an average of 3.4% annually over the last three years. Centerspace has a payout ratio of -7,500.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Centerspace to earn $5.14 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 58.4%.

Centerspace Price Performance

Shares of NYSE CSR opened at $64.98 on Friday. The company has a fifty day moving average price of $63.20 and a 200 day moving average price of $69.05. Centerspace has a 1-year low of $54.22 and a 1-year high of $76.16. The firm has a market cap of $1.09 billion, a PE ratio of -51.17 and a beta of 0.90. The company has a current ratio of 0.04, a quick ratio of 0.05 and a debt-to-equity ratio of 0.74.

Centerspace (NYSE:CSR) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $1.36. The business had revenue of $66.41 million during the quarter, compared to the consensus estimate of $65.96 million. Centerspace had a negative return on equity of 1.34% and a negative net margin of 4.34%. Research analysts predict that Centerspace will post 4.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on CSR shares. Royal Bank of Canada increased their target price on shares of Centerspace from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Thursday. Wedbush assumed coverage on shares of Centerspace in a research note on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price objective for the company. Finally, Janney Montgomery Scott raised Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Wednesday, January 15th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Centerspace currently has an average rating of “Hold” and a consensus price target of $74.43.

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.