Centerspace (NYSE:CSR) Raises Dividend to $0.77 Per Share

Centerspace (NYSE:CSR) declared a quarterly dividend on Wednesday, February 19th,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 4.82%. 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 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. Research 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 Stock Up 2.6 %

Shares of CSR stock traded up $1.61 on Wednesday, hitting $63.86. The stock had a trading volume of 123,080 shares, compared to its average volume of 87,224. Centerspace has a 12-month low of $54.22 and a 12-month high of $76.16. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -39.66 and a beta of 0.90. The business has a 50 day moving average of $63.42 and a 200 day moving average of $69.12. 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 (NYSE:CSR) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $1.21 EPS for the quarter, beating the consensus estimate of ($0.15) by $1.36. The firm had revenue of $66.41 million during the quarter, compared to analyst estimates of $65.96 million. Centerspace had a negative net margin of 5.57% and a negative return on equity of 1.72%. As a group, analysts expect that Centerspace will post 4.85 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on CSR. Janney Montgomery Scott upgraded Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Wednesday, January 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $76.00 price target on shares of Centerspace in a report on Wednesday, October 30th. Finally, Wedbush initiated coverage on shares of Centerspace in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Centerspace presently has a consensus rating of “Hold” and a consensus target price of $74.86.

About Centerspace

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.