Centerspace to Issue Quarterly Dividend of $0.77 (NYSE:CSR)

Centerspace (NYSE:CSR - Get Free Report) declared a quarterly dividend on Monday, June 2nd, RTT News reports. Shareholders of record on Friday, June 27th will be given a dividend of 0.77 per share on Thursday, July 10th. This represents a $3.08 annualized dividend and a yield of 4.84%. The ex-dividend date is Friday, June 27th.

Centerspace has decreased its dividend payment by an average of 3.4% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. 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 Stock Performance

Shares of CSR traded down $0.16 during mid-day trading on Thursday, hitting $63.64. 17,374 shares of the company's stock were exchanged, compared to its average volume of 112,996. Centerspace has a fifty-two week low of $54.13 and a fifty-two week high of $76.16. The firm has a market capitalization of $1.07 billion, a P/E ratio of -50.11 and a beta of 0.75. The business's 50 day moving average is $60.70 and its two-hundred day moving average is $63.69. The company has a current ratio of 0.04, a quick ratio of 0.05 and a debt-to-equity ratio of 0.74.

Centerspace (NYSE:CSR - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $1.21 earnings per share for the quarter, hitting the consensus estimate of $1.21. Centerspace had a negative net margin of 4.34% and a negative return on equity of 1.34%. The business had revenue of $67.09 million during the quarter, compared to the consensus estimate of $66.70 million. On average, equities analysts expect that Centerspace will post 4.94 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC increased its holdings in Centerspace by 307.3% in the first quarter. Millennium Management LLC now owns 184,051 shares of the company's stock valued at $11,917,000 after buying an additional 138,861 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Centerspace by 17.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 138,676 shares of the company's stock worth $8,979,000 after purchasing an additional 20,992 shares in the last quarter. Royal Bank of Canada increased 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 purchasing an additional 10,472 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 worth $958,000 after purchasing an additional 287 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Centerspace by 32.5% during the 1st quarter. AQR Capital Management LLC now owns 4,891 shares of the company's stock worth $317,000 after purchasing an additional 1,200 shares in the last quarter. 79.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. UBS Group assumed coverage on shares of Centerspace in a research note on Monday, April 7th. They set a "neutral" rating and a $67.00 target price for the company. Raymond James raised shares of Centerspace from an "outperform" rating to a "strong-buy" rating and increased their price target for the stock from $66.00 to $69.00 in a report on Thursday, May 15th. Royal Bank of Canada increased their price target on shares of Centerspace from $71.00 to $72.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Piper Sandler cut their price target on shares of Centerspace from $75.00 to $68.00 and set a "neutral" rating for the company in a report on Monday, May 5th. Finally, Wells Fargo & Company began coverage on shares of Centerspace in a report on Wednesday, March 19th. They set an "equal weight" rating and a $68.00 price target for the company. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $71.56.

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.