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

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 of this dividend is Friday, June 28th.

EastGroup Properties has increased its dividend payment by an average of 27.7% per year over the last three years and has raised its dividend every year for the last 3 years. EastGroup Properties has a payout ratio of 103.7% 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 $8.98 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 EGP opened at $160.50 on Friday. The business’s fifty day moving average price is $167.78 and its 200 day moving average price is $174.88. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The stock has a market capitalization of $7.73 billion, a PE ratio of 34.81, a price-to-earnings-growth ratio of 2.51 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Mizuho reiterated a “neutral” rating and issued a $185.00 target price on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Robert W. Baird cut their target price on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. KeyCorp cut their target price on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 30th. Finally, Barclays cut their target price on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Monday, April 29th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, EastGroup Properties has an average rating of “Hold” and an average price target of $184.00.

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.