EastGroup Properties, Inc. (EGP) To Go Ex-Dividend on September 30th

EastGroup Properties, Inc. (NYSE:EGP) announced a quarterly dividend on Friday, August 23rd, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be paid a dividend of 1.40 per share by the real estate investment trust on Tuesday, October 15th. This represents a $5.60 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27.

EastGroup Properties has increased its dividend payment by an average of 27.7% per year over the last three years. EastGroup Properties has a payout ratio of 110.7% meaning 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 $8.99 per share next year, which means the company should continue to be able to cover its $5.60 annual dividend with an expected future payout ratio of 62.3%.

EastGroup Properties Trading Up 0.0 %

EGP stock opened at $187.70 on Friday. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $192.61. The company has a market cap of $9.04 billion, a price-to-earnings ratio of 40.72, a PEG ratio of 2.83 and a beta of 0.99. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. The business has a fifty day simple moving average of $185.78 and a 200-day simple moving average of $175.08.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm had revenue of $159.09 million for the quarter, compared to analysts’ expectations of $156.70 million. During the same quarter in the previous year, the firm posted $1.89 EPS. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, equities research analysts expect that EastGroup Properties will post 8.32 EPS for the current year.

Wall Street Analysts Forecast Growth

EGP has been the topic of a number of recent analyst reports. Barclays upped their target price on shares of EastGroup Properties from $175.00 to $198.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Truist Financial boosted their price objective on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. BNP Paribas assumed coverage on EastGroup Properties in a research note on Tuesday, June 4th. They set a “neutral” rating and a $167.00 target price on the stock. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Finally, Evercore ISI raised shares of EastGroup Properties from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $192.00 to $204.00 in a report on Monday, September 16th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.00.

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.