Centerspace (NYSE:CSR) to Issue Dividend Increase – $0.77 Per Share

Centerspace (NYSE:CSR) announced a quarterly dividend on Tuesday, February 18th, 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 4.83%. The ex-dividend date of this dividend 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 research 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 Trading Down 1.0 %

Shares of CSR opened at $63.80 on Wednesday. The stock’s fifty day simple moving average is $63.00 and its 200-day simple moving average is $67.53. The firm has a market capitalization of $1.07 billion, a PE ratio of -50.24 and a beta of 0.91. Centerspace has a 12-month low of $54.90 and a 12-month high of $76.16. The company has a quick ratio of 0.05, a current ratio of 0.04 and a debt-to-equity ratio of 0.74.

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

Analysts Set New Price Targets

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