Centerspace Declares Quarterly Dividend of $0.75 (NYSE:CSR)

Centerspace (NYSE:CSR) declared a quarterly dividend on Monday, December 2nd,NASDAQ Dividends reports. Investors of record on Monday, December 30th will be paid a dividend of 0.75 per share on Monday, January 13th. This represents a $3.00 annualized dividend 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% 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 $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 Trading Down 1.7 %

Shares of NYSE:CSR traded down $1.21 during trading on Tuesday, hitting $71.18. 81,714 shares of the company were exchanged, compared to its average volume of 104,843. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.70. Centerspace has a 1-year low of $52.26 and a 1-year high of $76.16. The business’s 50 day moving average is $71.44 and its 200-day moving average is $70.82.

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

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. BTIG Research boosted their price objective on shares of Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $76.00 price target on shares of Centerspace in a research report on Wednesday, October 30th. Finally, Raymond James downgraded Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.