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

Centerspace (NYSE:CSR) announced a quarterly dividend on Monday, June 3rd, Zacks reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.75 per share on Wednesday, July 10th. This represents a $3.00 annualized dividend and a dividend yield of 4.43%. The ex-dividend date of this dividend is Friday, June 28th.

Centerspace has raised its dividend by an average of 1.4% annually over the last three years. Centerspace has a dividend payout ratio of -625.0% 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 $5.01 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 59.9%.

Centerspace Trading Up 0.3 %

NYSE:CSR opened at $67.68 on Thursday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.04 and a quick ratio of 0.04. The firm has a 50-day moving average of $67.68 and a 200-day moving average of $60.43. The company has a market cap of $1.01 billion, a PE ratio of -84.60, a PEG ratio of 1.98 and a beta of 0.87. Centerspace has a one year low of $46.74 and a one year high of $71.36.

Centerspace (NYSE:CSR) last released its quarterly earnings results on Monday, April 29th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of $1.12 by ($1.49). Centerspace had a negative return on equity of 0.73% and a negative net margin of 2.38%. The firm had revenue of $64.51 million for the quarter, compared to analysts’ expectations of $65.30 million. During the same quarter last year, the firm posted $1.07 earnings per share. As a group, equities research analysts expect that Centerspace will post 4.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on CSR shares. Royal Bank of Canada boosted their price target on shares of Centerspace from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. Piper Sandler boosted their target price on shares of Centerspace from $63.00 to $64.00 and gave the company a “neutral” rating in a research note on Monday, May 6th. Raymond James upgraded shares of Centerspace from a “market perform” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Friday, May 24th. Finally, Compass Point cut shares of Centerspace from a “buy” rating to a “neutral” rating and boosted their target price for the company from $65.00 to $68.00 in a research note on Friday, May 3rd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Centerspace currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.57.

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.