EastGroup Properties, Inc. (EGP) to Issue Quarterly Dividend of $1.10 on July 15th

EastGroup Properties, Inc. (NYSE:EGPGet Rating) declared a quarterly dividend on Friday, May 27th, Wall Street Journal reports. Investors of record on Thursday, June 30th will be given a dividend of 1.10 per share by the real estate investment trust on Friday, July 15th. This represents a $4.40 dividend on an annualized basis and a 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 every year for the last 11 years. EastGroup Properties has a dividend 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. Equities research 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 NYSE:EGP opened at $164.37 on Friday. The company’s 50-day moving average price is $187.67 and its two-hundred day moving average price is $197.90. EastGroup Properties has a one year low of $151.22 and a one year high of $229.84. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.05 and a quick ratio of 0.05. The stock has a market capitalization of $6.85 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 3.19 and a beta of 0.87.

EastGroup Properties (NYSE:EGPGet Rating) last released its 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 posted $1.45 EPS. On average, analysts anticipate that EastGroup Properties will post 6.79 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC bought a new stake in EastGroup Properties during the 4th quarter worth $28,000. Group One Trading L.P. acquired a new stake in shares of EastGroup Properties during the first quarter valued at about $41,000. Marshall Wace LLP bought a new stake in shares of EastGroup Properties during the fourth quarter worth about $81,000. NewEdge Advisors LLC acquired a new position in shares of EastGroup Properties in the fourth quarter valued at approximately $228,000. Finally, Private Advisor Group LLC increased its stake in shares of EastGroup Properties by 10.3% in the first 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 during the period. Institutional investors own 91.02% of the company’s stock.

EGP has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, April 15th. Mizuho cut their price objective on EastGroup Properties from $215.00 to $180.00 and set a “na” rating for the company in a research report on Tuesday, May 17th. StockNews.com began coverage on EastGroup Properties in a report on Thursday, March 31st. They set a “hold” rating for the company. Wells Fargo & Company decreased their price objective on shares of EastGroup Properties from $220.00 to $184.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 15th. Finally, Piper Sandler decreased their price target on shares of EastGroup Properties from $245.00 to $230.00 in a research note on Wednesday, May 4th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $208.90.

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.

Further Reading

Dividend History for EastGroup Properties (NYSE:EGP)

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