EastGroup Properties, Inc. (NYSE:EGP) Plans $1.27 Quarterly Dividend

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) announced a quarterly dividend on Friday, May 24th, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be paid 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 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. Equities 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

EGP traded down $0.38 on Friday, hitting $160.49. 180,444 shares of the company's stock were exchanged, compared to its average volume of 283,301. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average of $167.78 and a two-hundred day moving average of $174.88. The firm has a market cap of $7.73 billion, a PE ratio of 34.81, a P/E/G ratio of 2.58 and a beta of 0.96. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85.

Analysts Set New Price Targets

Several research firms have recently issued reports on EGP. Piper Sandler dropped their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an "overweight" rating on the stock in a report on Monday, April 29th. Evercore ISI reduced their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an "in-line" rating on the stock in a research report on Thursday, April 25th. Mizuho reaffirmed a "neutral" rating and set a $185.00 price objective on shares of EastGroup Properties in a report on Tuesday, April 2nd. Royal Bank of Canada reduced their target price on EastGroup Properties from $190.00 to $172.00 and set a "sector perform" rating on the stock in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. dropped their price target on EastGroup Properties from $190.00 to $183.00 and set a "neutral" rating for the company in a report on Thursday, May 2nd. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $184.00.

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.