Centerspace (NYSE:CSR) Announces $0.77 Quarterly Dividend

Centerspace (NYSE:CSR) announced a quarterly dividend on Monday, June 2nd, RTT News reports. Stockholders of record on Friday, June 27th will be paid a dividend of 0.77 per share on Thursday, July 10th. This represents a $3.08 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend is Friday, June 27th.

Centerspace has a payout ratio of -832.4% 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 analysts expect Centerspace to earn $5.14 per share next year, which means the company should continue to be able to cover its $3.08 annual dividend with an expected future payout ratio of 59.9%.

Centerspace Trading Down 1.3%

NYSE CSR opened at $62.03 on Wednesday. The firm’s fifty day moving average price is $61.81 and its 200 day moving average price is $62.76. Centerspace has a 12 month low of $54.13 and a 12 month high of $76.16. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.05 and a quick ratio of 0.05. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of -55.38 and a beta of 0.75.

Centerspace (NYSE:CSR) last released its quarterly earnings data on Thursday, May 1st. The company reported $1.21 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.21. The company had revenue of $67.09 million during the quarter, compared to the consensus estimate of $66.70 million. Centerspace had a negative net margin of 4.23% and a negative return on equity of 1.30%. On average, sell-side analysts expect that Centerspace will post 4.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets upgraded shares of Centerspace from a “market perform” rating to an “outperform” rating and set a $77.00 target price for the company in a research note on Friday, April 4th. Royal Bank Of Canada increased their price objective on Centerspace from $71.00 to $72.00 and gave the stock an “outperform” rating in a research report on Monday, May 5th. Raymond James Financial upgraded Centerspace from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $66.00 to $69.00 in a research note on Thursday, May 15th. Wells Fargo & Company began coverage on Centerspace in a report on Wednesday, March 19th. They issued an “equal weight” rating and a $68.00 target price on the stock. Finally, Piper Sandler decreased their price target on Centerspace from $75.00 to $68.00 and set a “neutral” rating for the company in a report on Monday, May 5th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.56.

Institutional Trading of Centerspace

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC grew its position in Centerspace by 32.5% during the first quarter. AQR Capital Management LLC now owns 4,891 shares of the company’s stock worth $317,000 after buying an additional 1,200 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Centerspace by 2.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,790 shares of the company’s stock valued at $958,000 after acquiring an additional 287 shares during the period. Royal Bank of Canada boosted its stake in shares of Centerspace by 199.5% during the 1st quarter. Royal Bank of Canada now owns 15,720 shares of the company’s stock worth $1,019,000 after acquiring an additional 10,472 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Centerspace by 17.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 138,676 shares of the company’s stock worth $8,979,000 after acquiring an additional 20,992 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Centerspace by 307.3% in the 1st quarter. Millennium Management LLC now owns 184,051 shares of the company’s stock worth $11,917,000 after acquiring an additional 138,861 shares during the period. Institutional investors and hedge funds own 79.00% of the company’s stock.

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.