Centerspace (NYSE:CSR) Plans Dividend Increase – $0.75 Per Share

Centerspace (NYSE:CSR) declared a quarterly dividend on Tuesday, February 20th, Zacks reports. Shareholders of record on Thursday, March 28th will be given a dividend of 0.75 per share on Monday, April 8th. This represents a $3.00 annualized dividend and a yield of 5.37%. The ex-dividend date of this dividend is Wednesday, March 27th. This is a positive change from Centerspace’s previous quarterly dividend of $0.73.

Centerspace has increased its dividend payment by an average of 61.0% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Centerspace has a dividend payout ratio of -417.1% 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 $4.84 per share next year, which means the company should continue to be able to cover its $2.92 annual dividend with an expected future payout ratio of 60.3%.

Centerspace Stock Performance

NYSE CSR opened at $55.91 on Tuesday. Centerspace has a 1 year low of $46.74 and a 1 year high of $66.99. The company has a market capitalization of $841.45 million, a PE ratio of 24.00, a P/E/G ratio of 1.71 and a beta of 0.93. The company has a fifty day moving average of $55.71 and a two-hundred day moving average of $55.84. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.03 and a quick ratio of 0.03.

Insider Buying and Selling

In other Centerspace news, Director John A. Schissel purchased 500 shares of the business’s stock in a transaction on Monday, March 11th. The stock was bought at an average cost of $56.40 per share, for a total transaction of $28,200.00. Following the acquisition, the director now owns 9,522 shares of the company’s stock, valued at approximately $537,040.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.96% of the company’s stock.

Institutional Trading of Centerspace

Several institutional investors have recently made changes to their positions in CSR. Bank of New York Mellon Corp grew its stake in shares of Centerspace by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 167,277 shares of the company’s stock valued at $16,413,000 after buying an additional 2,193 shares during the period. MetLife Investment Management LLC grew its stake in shares of Centerspace by 35.5% during the 1st quarter. MetLife Investment Management LLC now owns 7,203 shares of the company’s stock valued at $707,000 after buying an additional 1,887 shares during the period. Rhumbline Advisers boosted its position in Centerspace by 2.4% during the 1st quarter. Rhumbline Advisers now owns 42,807 shares of the company’s stock worth $4,200,000 after purchasing an additional 1,005 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Centerspace by 19.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,933 shares of the company’s stock worth $1,269,000 after purchasing an additional 2,139 shares during the period. Finally, BlackRock Inc. boosted its position in Centerspace by 2.2% in the 1st quarter. BlackRock Inc. now owns 2,736,058 shares of the company’s stock valued at $268,463,000 after buying an additional 58,404 shares during the last quarter. 79.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Piper Sandler restated a “neutral” rating and issued a $63.00 price objective on shares of Centerspace in a research report on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $63.00 target price on shares of Centerspace in a report on Friday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.57.

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.