EastGroup Properties, Inc. (NYSE:EGP) Plans Quarterly Dividend of $1.10

EastGroup Properties, Inc. (NYSE:EGPGet Rating) declared a quarterly dividend on Friday, May 27th, Wall Street Journal reports. Stockholders of record on Thursday, June 30th will be paid a dividend of 1.10 per share by the real estate investment trust on Friday, July 15th. This represents a $4.40 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Wednesday, June 29th.

EastGroup Properties has increased its dividend by an average of 9.6% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. EastGroup Properties has a payout ratio of 122.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect EastGroup Properties to earn $7.30 per share next year, which means the company should continue to be able to cover its $4.40 annual dividend with an expected future payout ratio of 60.3%.

Shares of EastGroup Properties stock traded up $6.24 during trading on Friday, hitting $164.37. 305,541 shares of the stock traded hands, compared to its average volume of 271,696. The firm’s fifty day moving average is $188.31 and its 200-day moving average is $198.15. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.87. EastGroup Properties has a 52 week low of $151.22 and a 52 week high of $229.84. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of 34.70, a PEG ratio of 3.01 and a beta of 0.87.

EastGroup Properties (NYSE:EGPGet Rating) last posted its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.81). EastGroup Properties had a return on equity of 12.84% and a net margin of 45.65%. During the same period in the prior year, the business earned $1.45 EPS. On average, analysts forecast that EastGroup Properties will post 6.79 earnings per share for the current fiscal year.

Several research firms recently issued reports on EGP. Piper Sandler reduced their price target on EastGroup Properties from $245.00 to $230.00 in a research report on Wednesday, May 4th. Wells Fargo & Company reduced their price target on EastGroup Properties from $220.00 to $184.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 15th. Mizuho dropped their price objective on EastGroup Properties from $215.00 to $180.00 and set a “na” rating for the company in a report on Tuesday, May 17th. Zacks Investment Research cut EastGroup Properties from a “buy” rating to a “hold” rating in a report on Friday, April 15th. Finally, StockNews.com assumed coverage on EastGroup Properties in a report on Thursday, March 31st. They issued a “hold” rating for the company. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $208.90.

Several institutional investors and hedge funds have recently added to or reduced their stakes in EGP. EverSource Wealth Advisors LLC purchased a new position in shares of EastGroup Properties in the 4th quarter valued at approximately $28,000. Group One Trading L.P. purchased a new position in shares of EastGroup Properties in the 1st quarter valued at approximately $41,000. Marshall Wace LLP purchased a new position in shares of EastGroup Properties in the 4th quarter valued at approximately $81,000. NewEdge Advisors LLC bought a new position in EastGroup Properties during the 4th quarter valued at approximately $228,000. Finally, Private Advisor Group LLC increased its position in EastGroup Properties by 10.3% during the 1st quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock valued at $246,000 after buying an additional 113 shares in the last quarter. Institutional investors own 91.02% of the company’s stock.

About EastGroup Properties (Get Rating)

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

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Dividend History for EastGroup Properties (NYSE:EGP)

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