Centerspace (NYSE:CSR) Announces $0.75 Quarterly Dividend

Centerspace (NYSE:CSR) declared a quarterly dividend on Monday, December 2nd,NASDAQ Dividends reports. Investors of record on Monday, December 30th will be given a dividend of 0.75 per share on Monday, January 13th. This represents a $3.00 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date is Monday, December 30th.

Centerspace has increased its dividend payment by an average of 1.4% per year over the last three years. Centerspace has a payout ratio of -731.7% indicating that 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 $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 Stock Down 1.7 %

NYSE CSR traded down $1.21 during trading hours on Tuesday, hitting $71.18. 81,714 shares of the stock were exchanged, compared to its average volume of 104,843. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.70. Centerspace has a 12-month low of $52.26 and a 12-month high of $76.16. The stock has a 50-day moving average of $71.44 and a 200 day moving average of $70.82.

Centerspace (NYSE:CSR) last issued its earnings results on Monday, October 28th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($1.57). The firm had revenue of $65.03 million during the quarter, compared to analyst estimates of $66.35 million. Centerspace had a negative net margin of 5.57% and a negative return on equity of 1.72%. During the same quarter in the previous year, the business posted $1.20 EPS. Sell-side analysts predict that Centerspace will post 4.86 earnings per share for the current year.

Analysts Set New Price Targets

CSR has been the topic of several research analyst reports. BTIG Research lifted their price target on Centerspace from $69.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $76.00 target price on shares of Centerspace in a research note on Wednesday, October 30th. Finally, Raymond James cut Centerspace from an “outperform” rating to a “market perform” rating in a report on Monday, October 21st. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $76.00.

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.