Centerspace (NYSE:CSR) to Issue Quarterly Dividend of $0.75

Centerspace (NYSE:CSR) announced a quarterly dividend on Wednesday, September 4th, Wall Street Journal reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.75 per share on Thursday, October 10th. This represents a $3.00 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Monday, September 30th.

Centerspace has raised its dividend payment by an average of 1.4% annually 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 analysts expect Centerspace to earn $5.03 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 59.6%.

Centerspace Stock Performance

Shares of CSR traded down $0.34 on Wednesday, reaching $75.00. The company’s stock had a trading volume of 77,876 shares, compared to its average volume of 101,540. The stock’s 50 day simple moving average is $71.00 and its two-hundred day simple moving average is $65.64. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.04 and a quick ratio of 0.04. The stock has a market capitalization of $1.15 billion, a P/E ratio of -94.16, a PEG ratio of 2.21 and a beta of 0.88. Centerspace has a 12-month low of $46.74 and a 12-month high of $75.57.

Centerspace (NYSE:CSR) last released its quarterly earnings results on Monday, July 29th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $1.20 by ($1.39). Centerspace had a negative return on equity of 0.67% and a negative net margin of 2.16%. The business had revenue of $65.04 million during the quarter, compared to the consensus estimate of $65.90 million. During the same quarter in the previous year, the business posted $1.28 earnings per share. Research analysts forecast that Centerspace will post 4.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CSR has been the topic of several analyst reports. Piper Sandler lifted their target price on Centerspace from $64.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, July 31st. BTIG Research lifted their price objective 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 boosted their price objective on Centerspace from $72.00 to $73.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Finally, Raymond James raised their target price on shares of Centerspace from $75.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.29.

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.