Centerspace (NYSE:CSR) Announces $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 Tuesday, September 2nd, Wall Street Journal reports. Investors of record on Monday, September 29th will be given a dividend of 0.77 per share on Friday, October 10th. This represents a c) dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Monday, September 29th.

Centerspace has a dividend 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 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 Performance

Shares of NYSE:CSR traded down $0.01 during mid-day trading on Monday, reaching $60.49. The company had a trading volume of 93,419 shares, compared to its average volume of 101,000. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.97. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -33.61 and a beta of 0.75. The company's 50-day moving average price is $57.76 and its 200-day moving average price is $60.61. Centerspace has a one year low of $52.76 and a one year high of $75.92.

Centerspace (NYSE:CSR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.26 by $0.02. The company had revenue of $68.55 million for the quarter, compared to analysts' expectations of $67.89 million. Centerspace had a negative net margin of 9.13% and a negative return on equity of 2.81%. Centerspace has set its FY 2025 guidance at 4.880-5.000 EPS. As a group, equities research analysts anticipate that Centerspace will post 4.94 EPS for the current fiscal year.

Insider Activity at Centerspace

In other news, CEO Anne Olson bought 750 shares of Centerspace stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average price of $55.10 per share, with a total value of $41,325.00. Following the completion of the purchase, the chief executive officer directly owned 19,496 shares in the company, valued at $1,074,229.60. The trade was a 4.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John A. Schissel bought 500 shares of Centerspace stock in a transaction that occurred on Friday, August 8th. The stock was purchased 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. The trade was a 3.60% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 1,750 shares of company stock valued at $95,325 over the last 90 days. 0.44% of the stock is owned by insiders.

Institutional Trading of Centerspace

Institutional investors have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund boosted its position in Centerspace by 2.6% during the first quarter. Illinois Municipal Retirement Fund now owns 8,726 shares of the company's stock valued at $565,000 after buying an additional 225 shares during the period. Vanguard Group Inc. boosted its position in Centerspace by 0.3% during the first quarter. Vanguard Group Inc. now owns 2,603,360 shares of the company's stock valued at $168,568,000 after buying an additional 8,994 shares during the period. Cbre Investment Management Listed Real Assets LLC boosted its position in Centerspace by 157.4% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 57,468 shares of the company's stock valued at $3,721,000 after buying an additional 35,139 shares during the period. Deutsche Bank AG boosted its position in Centerspace by 28.5% during the fourth quarter. Deutsche Bank AG now owns 19,400 shares of the company's stock valued at $1,283,000 after buying an additional 4,301 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Centerspace by 21.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 24,322 shares of the company's stock valued at $1,575,000 after buying an additional 4,369 shares during the period. 79.00% of the stock is currently owned by hedge funds and other 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.