EastGroup Properties, Inc. (NYSE:EGP) Announces $1.27 Quarterly Dividend

EastGroup Properties, Inc. (NYSE:EGP) announced a quarterly dividend on Thursday, May 23rd, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Friday, June 28th.

EastGroup Properties has increased its dividend by an average of 27.7% annually over the last three years. EastGroup Properties has a payout ratio of 104.3% 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 $8.98 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 Stock Performance

Shares of EastGroup Properties stock opened at $168.63 on Thursday. 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 business has a 50-day moving average price of $163.24 and a two-hundred day moving average price of $173.91. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $188.85. The company has a market cap of $8.12 billion, a P/E ratio of 36.58, a PEG ratio of 2.60 and a beta of 0.98.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Evercore ISI decreased their price target on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a report on Thursday, April 25th. Piper Sandler cut their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Robert W. Baird cut their price objective on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. JPMorgan Chase & Co. cut their price objective on shares of EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Finally, KeyCorp cut their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 30th. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $182.41.

EastGroup Properties Company Profile

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.