EastGroup Properties, Inc. (EGP) to Distribute Quarterly Dividend of $1.40 on April 15th

EastGroup Properties, Inc. (NYSE:EGP) declared a quarterly dividend on Friday, March 7th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 1.40 per share by the real estate investment trust on Tuesday, April 15th. This represents a $5.60 dividend on an annualized basis and a yield of 3.04%.

EastGroup Properties has increased its dividend payment by an average of 15.3% annually over the last three years. EastGroup Properties has a dividend payout ratio of 102.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect EastGroup Properties to earn $9.73 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 57.6%.

EastGroup Properties Stock Down 0.6 %

EGP stock opened at $184.51 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $9.60 billion, a PE ratio of 39.68, a PEG ratio of 3.35 and a beta of 0.99. EastGroup Properties has a twelve month low of $155.10 and a twelve month high of $192.61. The stock has a 50-day simple moving average of $171.47 and a two-hundred day simple moving average of $175.31.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. On average, equities analysts predict that EastGroup Properties will post 8.94 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Truist Financial boosted their price objective on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a report on Friday, February 14th. Deutsche Bank Aktiengesellschaft assumed coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price objective for the company. Robert W. Baird boosted their price objective on EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Morgan Stanley cut their target price on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research note on Monday, December 30th. Finally, Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $185.00 to $200.00 in a research note on Wednesday, December 11th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $191.65.

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.