Eastgroup Properties Inc Plans Quarterly Dividend of $0.75 (NYSE:EGP)

Eastgroup Properties Inc (NYSE:EGP) declared a quarterly dividend on Friday, May 22nd, Wall Street Journal reports. Stockholders of record on Tuesday, June 30th will be paid a dividend of 0.75 per share by the real estate investment trust on Wednesday, July 15th. This represents a $3.00 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Monday, June 29th.

Eastgroup Properties has increased its dividend payment by an average of 6.0% per year over the last three years and has raised its dividend annually for the last 8 consecutive years. Eastgroup Properties has a dividend payout ratio of 123.5% 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 $5.38 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 55.8%.

NYSE:EGP opened at $107.35 on Friday. Eastgroup Properties has a 1-year low of $83.40 and a 1-year high of $142.69. The business’s 50-day moving average price is $104.76 and its two-hundred day moving average price is $123.39. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 21.17, a PEG ratio of 5.04 and a beta of 0.80.

Eastgroup Properties (NYSE:EGP) last released its earnings results on Thursday, April 30th. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.69). Eastgroup Properties had a net margin of 35.88% and a return on equity of 10.83%. The company had revenue of $88.63 million during the quarter, compared to analyst estimates of $87.91 million. During the same period in the previous year, the company posted $1.20 EPS. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Sell-side analysts predict that Eastgroup Properties will post 5.18 earnings per share for the current year.

Several equities analysts have weighed in on EGP shares. Citigroup cut their target price on Eastgroup Properties from $133.00 to $98.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Zacks Investment Research lowered Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Thursday, April 9th. Royal Bank of Canada raised their price target on Eastgroup Properties from $102.00 to $108.00 and gave the stock a “sector perform” rating in a research report on Friday, May 8th. Evercore ISI assumed coverage on Eastgroup Properties in a research report on Friday, February 7th. They set a “hold” rating and a $128.00 price target on the stock. Finally, Morgan Stanley dropped their price target on Eastgroup Properties from $130.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 10th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $122.13.

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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