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

Centerspace (NYSE:CSR) announced a quarterly dividend on Monday, December 2nd,NASDAQ Dividends reports. Shareholders 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 raised its dividend payment by an average of 1.4% annually 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. Equities research 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 Performance

Shares of CSR stock opened at $71.18 on Wednesday. The stock has a market cap of $1.18 billion, a PE ratio of -44.21, a price-to-earnings-growth ratio of 2.13 and a beta of 0.89. Centerspace has a 52-week low of $52.26 and a 52-week high of $76.16. The business has a 50-day simple moving average of $71.44 and a 200-day simple moving average of $70.82. 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 (NYSE:CSR) last released its quarterly earnings data on Monday, October 28th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of $1.17 by ($1.57). The company had revenue of $65.03 million during the quarter, compared to analysts’ expectations of $66.35 million. Centerspace had a negative return on equity of 1.72% and a negative net margin of 5.57%. During the same quarter in the prior year, the company posted $1.20 EPS. On average, equities analysts expect that Centerspace will post 4.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CSR shares. Royal Bank of Canada reissued an “outperform” rating and set a $76.00 target price on shares of Centerspace in a research note on Wednesday, October 30th. BTIG Research increased their price target on Centerspace from $69.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Finally, Raymond James cut Centerspace from an “outperform” rating to a “market perform” rating in a research report on Monday, October 21st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Centerspace presently has an average rating of “Hold” and an average price target of $76.00.

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.