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

Centerspace (NYSE:CSR) declared a quarterly dividend on Wednesday, February 19th,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 4.82%. The ex-dividend date is Friday, March 28th. This is a boost from Centerspace’s previous quarterly dividend of $0.75.

Centerspace has decreased its dividend payment by an average of 3.4% annually over the last three years. Centerspace has a dividend payout ratio of -7,500.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Centerspace to earn $5.14 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 58.4%.

Centerspace Trading Up 2.6 %

NYSE CSR opened at $63.86 on Thursday. Centerspace has a 52 week low of $54.22 and a 52 week high of $76.16. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.05 and a current ratio of 0.05. The stock’s 50 day moving average price is $63.30 and its two-hundred day moving average price is $69.08.

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

Analyst Ratings Changes

A number of equities analysts have weighed in on CSR shares. Janney Montgomery Scott raised Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price target on the stock in a research report on Wednesday, January 15th. Wedbush started coverage on Centerspace in a report on Tuesday, December 17th. They set a “neutral” rating and a $72.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $76.00 price objective on shares of Centerspace in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Centerspace has an average rating of “Hold” and a consensus price target of $74.86.

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.