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

Centerspace (NYSE:CSR) declared a quarterly dividend on Wednesday, February 19th,Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date is Friday, March 28th. This is an increase from Centerspace’s previous quarterly dividend of $0.75.

Centerspace has decreased its dividend by an average of 3.4% per year over the last three years. Centerspace has a dividend payout ratio of -7,500.0% meaning 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 $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

NYSE:CSR opened at $63.86 on Thursday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.70. Centerspace has a 1 year low of $54.22 and a 1 year high of $76.16. The firm has a 50 day moving average of $63.30 and a 200-day moving average of $69.08.

Centerspace (NYSE:CSR) last posted its quarterly earnings data on Tuesday, February 18th. The company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $1.36. Centerspace had a negative return on equity of 1.36% and a negative net margin of 4.34%. The company had revenue of $66.41 million for the quarter, compared to analyst estimates of $65.96 million. Equities research analysts expect that Centerspace will post 4.94 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Wedbush initiated coverage on shares of Centerspace in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $72.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and issued a $76.00 price objective on shares of Centerspace in a research report on Wednesday, October 30th. Finally, Janney Montgomery Scott upgraded Centerspace from a “neutral” rating to a “buy” rating and set a $72.00 price objective on the stock in a research report on Wednesday, January 15th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price 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.