Centerspace (NYSE:CSR) Plans Quarterly Dividend of $0.77

Centerspace (NYSE:CSR - Get Free Report) announced 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 4.80%. The ex-dividend date is Friday, March 28th. This is a positive change 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 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. 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 Stock Performance

Shares of CSR stock traded down $0.97 during mid-day trading on Friday, hitting $64.10. The stock had a trading volume of 81,197 shares, compared to its average volume of 86,673. Centerspace has a fifty-two week low of $54.50 and a fifty-two week high of $76.16. The firm has a market cap of $1.07 billion, a PE ratio of -50.47 and a beta of 0.90. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.04 and a quick ratio of 0.05. The company's 50-day simple moving average is $63.10 and its 200-day simple moving average is $69.02.

Centerspace (NYSE:CSR - Get Free Report) last released 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 1.34%. The company had revenue of $66.41 million during the quarter, compared to analysts' expectations of $65.96 million. Sell-side analysts anticipate that Centerspace will post 4.94 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Royal Bank of Canada raised their price objective on shares of Centerspace from $72.00 to $73.00 and gave the company an "outperform" rating in a research note on Thursday. Wedbush assumed coverage on shares of Centerspace in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $72.00 price objective for the company. Finally, Janney Montgomery Scott upgraded shares of Centerspace from a "neutral" rating to a "buy" rating and set a $72.00 price objective for the company in a research note on Wednesday, January 15th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Centerspace presently has an average rating of "Hold" and a consensus price target of $74.43.

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.