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

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) announced a quarterly dividend on Friday, March 7th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 1.40 per share by the real estate investment trust on Tuesday, April 15th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date is Monday, March 31st.

EastGroup Properties has increased its dividend by an average of 15.3% annually over the last three years. EastGroup Properties has a dividend payout ratio of 102.6% indicating that 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 $9.73 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 57.6%.

EastGroup Properties Stock Performance

Shares of NYSE EGP traded up $0.13 during trading on Tuesday, reaching $181.23. The stock had a trading volume of 171,019 shares, compared to its average volume of 322,392. The firm's 50 day moving average price is $171.86 and its two-hundred day moving average price is $175.22. EastGroup Properties has a one year low of $155.10 and a one year high of $192.61. The stock has a market cap of $9.43 billion, a PE ratio of 38.94, a P/E/G ratio of 3.35 and a beta of 0.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.

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EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. On average, research analysts forecast that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on EGP shares. Truist Financial increased their price objective on EastGroup Properties from $168.00 to $180.00 and gave the stock a "hold" rating in a report on Friday, February 14th. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research report on Tuesday, January 14th. They issued a "buy" rating and a $180.00 target price for the company. StockNews.com upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Monday, February 10th. KeyCorp restated a "sector weight" rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Finally, Morgan Stanley lowered their target price on EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating on the stock in a report on Monday, December 30th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $191.65.

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.