EastGroup Properties, Inc. (NYSE:EGP) Plans Quarterly Dividend of $1.40

EastGroup Properties, Inc. (NYSE:EGP) announced a quarterly dividend on Friday, August 23rd, Wall Street Journal reports. Investors of record on Monday, September 30th will be given a dividend of 1.40 per share by the real estate investment trust on Tuesday, October 15th. This represents a $5.60 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27.

EastGroup Properties has increased its dividend by an average of 27.7% per year over the last three years. EastGroup Properties has a dividend payout ratio of 110.7% 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 $8.99 per share next year, which means the company should continue to be able to cover its $5.60 annual dividend with an expected future payout ratio of 62.3%.

EastGroup Properties Stock Up 0.0 %

EastGroup Properties stock opened at $187.68 on Friday. The company has a 50 day moving average of $185.78 and a 200-day moving average of $175.04. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $192.61. The stock has a market capitalization of $9.04 billion, a PE ratio of 40.71, a price-to-earnings-growth ratio of 2.83 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million during the quarter, compared to analyst estimates of $156.70 million. During the same period in the previous year, the company posted $1.89 earnings per share. EastGroup Properties’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, equities research analysts anticipate that EastGroup Properties will post 8.32 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on EGP shares. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $179.00 to $214.00 in a research note on Wednesday, August 28th. Wedbush increased their target price on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Royal Bank of Canada lifted their price target on shares of EastGroup Properties from $172.00 to $186.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 30th. Truist Financial increased their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, KeyCorp lifted their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $192.00.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.