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

Centerspace (NYSE:CSR) declared a quarterly dividend on Monday, December 1st. Shareholders of record on Tuesday, December 30th will be given a dividend of 0.77 per share on Monday, January 12th. This represents a c) dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Tuesday, December 30th.

Centerspace has increased its dividend payment by an average of 0.0%per year 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% meaning 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 Price Performance

NYSE CSR traded down $0.28 during trading on Tuesday, hitting $65.79. 37,512 shares of the company’s stock were exchanged, compared to its average volume of 113,351. The company has a market cap of $1.10 billion, a PE ratio of -36.59 and a beta of 0.75. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.97. Centerspace has a fifty-two week low of $52.76 and a fifty-two week high of $72.46. The stock’s 50 day moving average price is $61.47 and its two-hundred day moving average price is $60.25.

Centerspace (NYSE:CSR) last announced its quarterly earnings results on Monday, November 3rd. The company reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.22 by ($0.03). 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 4.880-4.960 EPS. Research analysts expect that Centerspace will post 4.94 EPS for the current year.

Hedge Funds Weigh In On Centerspace

Institutional investors and hedge funds have recently made changes to their positions in the business. Land & Buildings Investment Management LLC lifted its stake in shares of Centerspace by 96.4% in the 3rd quarter. Land & Buildings Investment Management LLC now owns 599,252 shares of the company’s stock valued at $35,296,000 after acquiring an additional 294,086 shares during the last quarter. Nuveen LLC bought a new stake in Centerspace during the 1st quarter valued at approximately $13,147,000. Millennium Management LLC raised its position 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 in the last quarter. Systematic Financial Management LP bought a new stake in shares of Centerspace during the second quarter valued at approximately $7,662,000. Finally, Strs Ohio grew its stake in Centerspace by 3,025.8% in the second quarter. Strs Ohio now owns 96,900 shares of the company’s stock worth $5,832,000 after purchasing an additional 93,800 shares during the period. Institutional investors own 79.00% of the company’s stock.

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.