Centerspace (NYSE:CSR) Declares Quarterly Dividend of $0.77

Centerspace (NYSE:CSR) declared a quarterly dividend on Wednesday, February 19th,Wall Street Journal reports. Stockholders of record on Friday, March 28th will be given a dividend of 0.77 per share on Tuesday, April 8th. This represents a $3.08 annualized dividend and a dividend yield of 4.82%. The ex-dividend date is Friday, March 28th. This is a boost from Centerspace’s previous quarterly dividend of $0.75.

Centerspace has decreased its dividend payment by an average of 3.4% per year over the last three years. Centerspace has a payout ratio of -7,500.0% 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 $4.94 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 60.7%.

Centerspace Trading Up 2.6 %

Shares of NYSE:CSR traded up $1.61 during mid-day trading on Wednesday, reaching $63.86. 123,080 shares of the company’s stock were exchanged, compared to its average volume of 87,224. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.05 and a current ratio of 0.05. Centerspace has a twelve month low of $54.22 and a twelve month high of $76.16. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -39.66 and a beta of 0.90. The business’s fifty day moving average price is $63.42 and its 200-day moving average price is $69.12.

Centerspace (NYSE:CSR) last announced its earnings results on Tuesday, February 18th. The company reported $1.21 EPS for the quarter, topping the consensus estimate of ($0.15) by $1.36. Centerspace had a negative return on equity of 1.72% and a negative net margin of 5.57%. The firm had revenue of $66.41 million for the quarter, compared to the consensus estimate of $65.96 million. On average, research analysts predict that Centerspace will post 4.85 EPS for the current fiscal year.

Analysts Set New Price Targets

CSR has been the topic of a number of recent analyst reports. Janney Montgomery Scott upgraded shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a research report on Wednesday, January 15th. Wedbush began coverage on shares of Centerspace in a report on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 target price on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $76.00 price target on shares of Centerspace in a report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $74.86.

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.