Centerspace (CSR) to Issue Quarterly Dividend of $0.77 on April 8th

Centerspace (NYSE:CSR) announced a quarterly dividend on Tuesday, February 18th, Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 4.83%. The ex-dividend date is Friday, March 28th. This is a 2.7% increase 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 -751.2% 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 $5.14 per share next year, which means the company should continue to be able to cover its $3.08 annual dividend with an expected future payout ratio of 59.9%.

Centerspace Price Performance

Shares of Centerspace stock opened at $63.80 on Wednesday. The firm has a market cap of $1.07 billion, a P/E ratio of -50.24 and a beta of 0.91. The firm’s 50-day simple moving average is $63.00 and its 200-day simple moving average is $67.53. Centerspace has a twelve month low of $54.90 and a twelve month high of $76.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.05 and a current ratio of 0.04.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Tuesday, February 18th. The company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $1.36. Centerspace had a negative net margin of 4.34% and a negative return on equity of 1.34%. The firm had revenue of $66.41 million during the quarter, compared to analysts’ expectations of $65.96 million. As a group, research analysts expect that Centerspace will post 4.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CSR shares. Royal Bank of Canada upped their price target on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Janney Montgomery Scott raised shares of Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Wednesday, January 15th. Wedbush assumed coverage on shares of Centerspace in a report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price target for the company. Finally, Wells Fargo & Company started coverage on shares of Centerspace in a research report on Wednesday, March 19th. They issued an “equal weight” rating and a $68.00 price target on the stock. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Centerspace has an average rating of “Hold” and a consensus target price of $73.63.

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.