Centerspace (NYSE:CSR) Plans $0.77 Quarterly Dividend

Key Points

• Centerspace has announced a quarterly dividend of $0.77 per share, with an annual dividend yield of 5.2%, indicating a positive return for investors.
• The company currently has a payout ratio of -832.4%, meaning it cannot cover its dividend from earnings alone, but is expected to stabilize with a projected future payout ratio of 59.9% for next year.
• Recent insider transactions show buying activity from CEO Anne Olson and Director John A. Schissel, indicating potential confidence in the company's future performance.

Centerspace (NYSE:CSR - Get Free Report) announced a quarterly dividend on Wednesday, September 3rd, Wall Street Journal reports. Investors of record on Monday, September 29th will be paid a dividend of 0.77 per share on Friday, October 10th. This represents a c) annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Monday, September 29th.

Centerspace has a payout ratio of -832.4% 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 $3.08 annual dividend with an expected future payout ratio of 59.9%.

Centerspace Stock Up 0.8%

Shares of CSR traded up $0.45 during midday trading on Wednesday, reaching $58.79. 61,969 shares of the stock were exchanged, compared to its average volume of 100,652. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.97. The company has a market cap of $985.24 million, a price-to-earnings ratio of -32.59 and a beta of 0.75. The firm has a 50 day simple moving average of $57.83 and a 200-day simple moving average of $60.71. Centerspace has a 12-month low of $52.76 and a 12-month high of $76.16.

Centerspace (NYSE:CSR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.26 by $0.02. The business had revenue of $68.55 million for the quarter, compared to the consensus estimate of $67.89 million. Centerspace had a negative return on equity of 2.81% and a negative net margin of 9.13%. Centerspace has set its FY 2025 guidance at 4.880-5.000 EPS. Research analysts forecast that Centerspace will post 4.94 EPS for the current year.

Insider Activity

In other news, CEO Anne Olson bought 750 shares of Centerspace stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $55.10 per share, with a total value of $41,325.00. Following the completion of the transaction, the chief executive officer directly owned 19,496 shares in the company, valued at $1,074,229.60. This trade represents a 4.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John A. Schissel bought 500 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $54.00 per share, for a total transaction of $27,000.00. Following the purchase, the director owned 14,398 shares of the company's stock, valued at $777,492. This trade represents a 3.60% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 1,750 shares of company stock worth $95,325. Company insiders own 0.44% of the company's stock.

Institutional Investors Weigh In On Centerspace

Large investors have recently bought and sold shares of the business. Hilltop National Bank bought a new position in Centerspace in the 2nd quarter valued at $29,000. Wolff Wiese Magana LLC increased its stake in shares of Centerspace by 897.3% in the second quarter. Wolff Wiese Magana LLC now owns 748 shares of the company's stock valued at $45,000 after buying an additional 673 shares in the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Centerspace in the first quarter valued at about $86,000. PNC Financial Services Group Inc. lifted its position in Centerspace by 103.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,176 shares of the company's stock worth $131,000 after buying an additional 1,106 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Centerspace by 64.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,252 shares of the company's stock worth $136,000 after buying an additional 879 shares in the last quarter. 79.00% of the stock is currently owned by institutional investors.

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.

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