EastGroup Properties, Inc. (NYSE:EGP) announced a quarterly dividend on Friday, December 1st, RTT News reports. Stockholders of record on Friday, December 15th will be given a dividend of 0.64 per share by the real estate investment trust on Friday, December 29th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Thursday, December 14th.
EastGroup Properties has raised its dividend by an average of 4.5% per year over the last three years and has raised its dividend every year for the last 5 years. EastGroup Properties has a dividend payout ratio of 60.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect EastGroup Properties to earn $4.46 per share next year, which means the company should continue to be able to cover its $2.56 annual dividend with an expected future payout ratio of 57.4%.
Shares of EastGroup Properties (NYSE EGP) opened at $91.33 on Friday. EastGroup Properties has a 12 month low of $67.69 and a 12 month high of $95.03. The company has a market cap of $3,131.96, a price-to-earnings ratio of 21.66, a PEG ratio of 5.00 and a beta of 0.98.
EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.61. EastGroup Properties had a net margin of 30.03% and a return on equity of 11.70%. The company had revenue of $68.75 million for the quarter, compared to analyst estimates of $68.74 million. During the same period in the prior year, the firm posted $1.04 EPS. The company’s quarterly revenue was up 8.8% on a year-over-year basis. equities analysts predict that EastGroup Properties will post 4.23 EPS for the current year.
In related news, CFO Brent Wood sold 3,300 shares of the stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $90.26, for a total transaction of $297,858.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Hayden C. Eaves III sold 3,532 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $92.14, for a total transaction of $325,438.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,668 shares of company stock worth $2,105,037. 2.90% of the stock is owned by insiders.
A number of research firms have recently commented on EGP. KeyCorp reaffirmed a “neutral” rating on shares of EastGroup Properties in a research note on Friday, August 25th. ValuEngine raised shares of EastGroup Properties from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. DA Davidson set a $100.00 price objective on shares of EastGroup Properties and gave the company a “hold” rating in a research note on Friday, October 20th. Bank of America upped their price objective on shares of EastGroup Properties from $100.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, November 6th. Finally, Zacks Investment Research lowered shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $87.83.
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EastGroup Properties Company Profile
EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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