Eastgroup Properties Inc (NYSE:EGP) announced a quarterly dividend on Thursday, May 23rd, RTT News reports. Shareholders of record on Friday, June 28th will be given a dividend of 0.72 per share by the real estate investment trust on Monday, July 15th. This represents a $2.88 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Thursday, June 27th.

Eastgroup Properties has decreased its dividend payment by an average of 5.1% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Eastgroup Properties has a dividend payout ratio of 62.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Eastgroup Properties to earn $5.14 per share next year, which means the company should continue to be able to cover its $2.88 annual dividend with an expected future payout ratio of 56.0%.

EGP opened at $115.49 on Wednesday. Eastgroup Properties has a fifty-two week low of $87.69 and a fifty-two week high of $119.13. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.02 and a quick ratio of 0.02. The business’s fifty day simple moving average is $113.66. The firm has a market capitalization of $4.27 billion, a P/E ratio of 24.73, a P/E/G ratio of 4.57 and a beta of 0.82.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.18 by $0.02. The company had revenue of $78.79 million during the quarter, compared to analysts’ expectations of $78.83 million. Eastgroup Properties had a return on equity of 9.19% and a net margin of 26.82%. The business’s revenue was up 9.1% on a year-over-year basis. During the same period last year, the business earned $1.16 earnings per share. On average, analysts forecast that Eastgroup Properties will post 4.88 earnings per share for the current fiscal year.

A number of research analysts recently issued reports on EGP shares. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $125.00 price target for the company in a report on Tuesday, April 9th. Morgan Stanley lifted their price target on Eastgroup Properties from $105.00 to $110.00 and gave the company an “equal weight” rating in a report on Monday, June 3rd. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $103.47.

In other Eastgroup Properties news, Director David H. Hoster II sold 942 shares of the business’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total transaction of $104,401.86. Following the completion of the sale, the director now directly owns 174,588 shares of the company’s stock, valued at approximately $19,349,588.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

Eastgroup Properties Company Profile

EastGroup Properties, Inc 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.

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Dividend History for Eastgroup Properties (NYSE:EGP)

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