EastGroup Properties, Inc. (NYSE:EGP) to Issue Quarterly Dividend of $1.27

EastGroup Properties, Inc. (NYSE:EGPGet Free Report) declared a quarterly dividend on Friday, May 24th, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be given a dividend of 1.27 per share by the real estate investment trust on Monday, July 15th. This represents a $5.08 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date of this dividend is Friday, June 28th.

EastGroup Properties has increased its dividend payment by an average of 27.7% annually over the last three years and has increased its dividend every year for the last 3 years. EastGroup Properties has a payout ratio of 103.7% 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 $8.98 per share next year, which means the company should continue to be able to cover its $5.08 annual dividend with an expected future payout ratio of 56.6%.

EastGroup Properties Stock Performance

Shares of EGP traded down $0.37 during mid-day trading on Friday, reaching $160.50. 167,630 shares of the company’s stock traded hands, compared to its average volume of 282,684. EastGroup Properties has a 12 month low of $154.75 and a 12 month high of $188.85. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10. The stock has a market capitalization of $7.73 billion, a P/E ratio of 35.00, a price-to-earnings-growth ratio of 2.58 and a beta of 0.96. The business’s 50-day moving average price is $168.10 and its 200-day moving average price is $174.92.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EGP. Mizuho reissued a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Evercore ISI cut their price objective on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research report on Thursday, April 25th. Royal Bank of Canada cut their target price on shares of EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating on the stock in a report on Monday, May 6th. BMO Capital Markets initiated coverage on EastGroup Properties in a report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price target for the company. Finally, KeyCorp cut their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 30th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $184.00.

View Our Latest Stock Report on EGP

EastGroup Properties Company Profile

(Get Free Report)

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.

See Also

Dividend History for EastGroup Properties (NYSE:EGP)

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