EastGroup Properties, Inc. (EGP) to Issue Quarterly Dividend of $1.27 on July 15th

EastGroup Properties, Inc. (NYSE:EGP) declared a quarterly dividend on Thursday, May 23rd, Wall Street Journal reports. Investors 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 annualized dividend 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 raised its dividend annually for the last 3 consecutive years. EastGroup Properties has a payout ratio of 103.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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 Price Performance

EastGroup Properties stock opened at $160.50 on Friday. 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 firm has a market capitalization of $7.73 billion, a P/E ratio of 34.81, a PEG ratio of 2.51 and a beta of 0.96. The business has a 50-day moving average of $167.78 and a 200-day moving average of $174.88. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85.

Wall Street Analysts Forecast Growth

EGP has been the topic of a number of recent analyst reports. Truist Financial lifted their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a research report on Tuesday, February 20th. JPMorgan Chase & Co. dropped their price target on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Barclays decreased their price objective on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a research report on Monday, April 29th. KeyCorp dropped their target price on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Finally, Mizuho reiterated a “neutral” rating and issued a $185.00 price target on shares of EastGroup Properties in a report on Tuesday, April 2nd. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $184.00.

About EastGroup Properties

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.