Centerspace Plans Quarterly Dividend of $0.75 (NYSE:CSR)

Centerspace (NYSE:CSR) announced a quarterly dividend on Monday, December 2nd,NASDAQ Dividends reports. Shareholders 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 annualized dividend and a dividend yield of 4.55%. The ex-dividend date is Monday, December 30th.

Centerspace has increased its dividend by an average of 1.4% per year over the last three years. Centerspace has a dividend payout ratio of -588.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Price Performance

Shares of NYSE:CSR opened at $65.88 on Friday. Centerspace has a 52 week low of $52.26 and a 52 week high of $76.16. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $70.43 and a 200-day simple moving average of $70.82. The company has a market cap of $1.09 billion, a P/E ratio of -40.92, a P/E/G ratio of 2.05 and a beta of 0.89.

Centerspace (NYSE:CSR) last released its earnings results on Monday, October 28th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of $1.17 by ($1.57). Centerspace had a negative net margin of 5.57% and a negative return on equity of 1.72%. The business had revenue of $65.03 million for the quarter, compared to analysts’ expectations of $66.35 million. During the same quarter last year, the company posted $1.20 earnings per share. Equities research analysts forecast that Centerspace will post 4.86 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $76.00 target price on shares of Centerspace in a research note on Wednesday, October 30th. Raymond James lowered shares of Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Finally, Wedbush assumed coverage on Centerspace in a report on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $75.33.

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.