EastGroup Properties, Inc. (NYSE:EGP) declared a quarterly dividend on Thursday, August 31st, RTT News reports. Investors of record on Friday, September 15th will be paid a dividend of 0.64 per share by the real estate investment trust on Friday, September 29th. This represents a $2.56 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.62.

EastGroup Properties has increased its dividend by an average of 4.5% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. EastGroup Properties has a dividend payout ratio of 60.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect EastGroup Properties to earn $4.47 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 57.3%.

Shares of EastGroup Properties (EGP) traded down 0.11% during trading on Wednesday, reaching $90.06. The company had a trading volume of 40,207 shares. EastGroup Properties has a 52-week low of $63.99 and a 52-week high of $91.51. The stock has a 50 day moving average of $86.62 and a 200 day moving average of $80.84. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 37.75 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.60. The firm had revenue of $67.90 million for the quarter, compared to analyst estimates of $67.16 million. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. EastGroup Properties’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.99 earnings per share. Equities research analysts forecast that EastGroup Properties will post $2.42 EPS for the current year.

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Several equities research analysts recently weighed in on EGP shares. Stifel Nicolaus reiterated a “hold” rating and set a $85.00 price objective on shares of EastGroup Properties in a research note on Friday, July 28th. BidaskClub lowered shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 price objective on the stock in a research note on Tuesday, July 11th. Cantor Fitzgerald reiterated a “hold” rating and set a $75.00 price objective on shares of EastGroup Properties in a research note on Tuesday, July 25th. Finally, Bank of America Corporation upgraded shares of EastGroup Properties from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $91.00 to $96.00 in a research note on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $83.10.

About EastGroup Properties

EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.

Dividend History for EastGroup Properties (NYSE:EGP)

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