EastGroup Properties, Inc. Announces Quarterly Dividend of $1.55 (NYSE:EGP)

EastGroup Properties, Inc. (NYSE:EGP) declared a quarterly dividend on Friday, March 6th. Investors of record on Tuesday, March 31st will be paid a dividend of 1.55 per share by the real estate investment trust on Wednesday, April 15th. This represents a c) annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 31st.

EastGroup Properties has raised its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 4 years. EastGroup Properties has a dividend payout ratio of 117.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 $6.20 annual dividend with an expected future payout ratio of 63.7%.

EastGroup Properties Price Performance

NYSE:EGP opened at $183.43 on Friday. EastGroup Properties has a 12-month low of $137.67 and a 12-month high of $197.95. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of 37.67, a price-to-earnings-growth ratio of 2.98 and a beta of 1.10. The company’s 50-day moving average is $187.65 and its two-hundred day moving average is $180.63. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47.

Analysts Set New Price Targets

EGP has been the topic of several recent analyst reports. Barclays raised shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note on Thursday, December 4th. Truist Financial lifted their target price on shares of EastGroup Properties from $203.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Cantor Fitzgerald boosted their price target on EastGroup Properties from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Weiss Ratings reissued a “buy (b-)” rating on shares of EastGroup Properties in a research note on Monday, December 29th. Finally, Royal Bank Of Canada raised their price objective on EastGroup Properties from $183.00 to $195.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 18th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $200.18.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.