Eastgroup Properties Inc (NYSE:EGP) Announces 0.72000 Dividend of $0.75

Eastgroup Properties Inc (NYSE:EGP) announced a 0.72000 dividend on Friday, August 30th, Wall Street Journal reports. Investors of record on Monday, September 30th will be paid a dividend of 0.75 per share by the real estate investment trust on Tuesday, October 15th. This represents a yield of 2.4%. The ex-dividend date of this dividend is Friday, September 27th.

Eastgroup Properties has decreased its dividend by an average of 5.1% per year over the last three years and has increased its dividend annually for the last 7 consecutive years. Eastgroup Properties has a payout ratio of 64.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Eastgroup Properties to earn $5.17 per share next year, which means the company should continue to be able to cover its $3.00 annual dividend with an expected future payout ratio of 58.0%.

EGP stock traded down $0.01 during trading on Wednesday, hitting $125.70. 4,768 shares of the stock traded hands, compared to its average volume of 220,027. Eastgroup Properties has a 1 year low of $87.69 and a 1 year high of $128.30. The firm’s 50 day moving average is $123.96 and its two-hundred day moving average is $116.50. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of 26.94, a price-to-earnings-growth ratio of 5.30 and a beta of 0.79.



Several brokerages recently commented on EGP. Morgan Stanley increased their price objective on shares of Eastgroup Properties from $105.00 to $110.00 and gave the company an “equal weight” rating in a research report on Monday, June 3rd. Citigroup increased their price objective on shares of Eastgroup Properties from $109.00 to $129.00 and gave the company a “neutral” rating in a research report on Monday. SunTrust Banks increased their price objective on shares of Eastgroup Properties from $105.00 to $115.00 and gave the company a “hold” rating in a research report on Tuesday, August 13th. Finally, Zacks Investment Research raised shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $134.00 price objective on the stock in a research report on Monday, August 5th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $117.65.

In other Eastgroup Properties news, Director H C. Bailey, Jr. sold 490 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $124.48, for a total transaction of $60,995.20. Following the transaction, the director now owns 3,803 shares in the company, valued at approximately $473,397.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brent Wood sold 3,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $122.56, for a total transaction of $398,320.00. Following the transaction, the insider now owns 93,248 shares in the company, valued at approximately $11,428,474.88. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

About Eastgroup Properties

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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