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

EastGroup Properties, Inc. (NYSE:EGP) declared a quarterly dividend on Monday, December 2nd,RTT News reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 1.40 per share by the real estate investment trust on Wednesday, January 15th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, December 31st.

EastGroup Properties has increased its dividend by an average of 27.7% per year over the last three years. EastGroup Properties has a payout ratio of 116.7% 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 $5.60 annual dividend with an expected future payout ratio of 62.4%.

EastGroup Properties Stock Down 0.9 %

Shares of NYSE:EGP opened at $161.32 on Friday. EastGroup Properties has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The firm’s 50 day moving average price is $171.09 and its 200 day moving average price is $177.57. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 33.33, a price-to-earnings-growth ratio of 2.22 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. EastGroup Properties’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.95 earnings per share. As a group, equities research analysts predict that EastGroup Properties will post 8.36 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on EGP shares. Wedbush reaffirmed an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a research report on Friday, October 25th. Evercore ISI upped their price target on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price target for the company from $175.00 to $200.00 in a research note on Thursday, September 5th. Truist Financial reduced their price objective on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $191.80.

About EastGroup Properties

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.