Eastgroup Properties Inc (NYSE:EGP) declared a quarterly dividend on Thursday, May 23rd, RTT News reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.72 per share by the real estate investment trust on Monday, July 15th. This represents a $2.88 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Thursday, June 27th.
Eastgroup Properties has decreased its dividend by an average of 5.1% annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Eastgroup Properties has a payout ratio of 62.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Eastgroup Properties to earn $5.14 per share next year, which means the company should continue to be able to cover its $2.88 annual dividend with an expected future payout ratio of 56.0%.
Shares of NYSE:EGP opened at $116.09 on Tuesday. The company’s 50 day simple moving average is $113.57. The company has a quick ratio of 0.02, a current ratio of 0.02 and a debt-to-equity ratio of 1.22. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of 24.86, a price-to-earnings-growth ratio of 4.59 and a beta of 0.82. Eastgroup Properties has a 1 year low of $87.69 and a 1 year high of $119.13.
Eastgroup Properties (NYSE:EGP) last posted its earnings results on Monday, April 22nd. The real estate investment trust reported $1.20 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.18 by $0.02. Eastgroup Properties had a return on equity of 9.19% and a net margin of 26.82%. The company had revenue of $78.79 million for the quarter, compared to analyst estimates of $78.83 million. During the same quarter in the prior year, the company earned $1.16 earnings per share. Eastgroup Properties’s revenue was up 9.1% compared to the same quarter last year. As a group, analysts forecast that Eastgroup Properties will post 4.88 earnings per share for the current year.
In other news, Director David H. Hoster II sold 942 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $110.83, for a total value of $104,401.86. Following the completion of the transaction, the director now owns 174,588 shares in the company, valued at $19,349,588.04. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.00% of the company’s stock.
EGP has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Eastgroup Properties from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Tuesday, April 9th. Morgan Stanley upped their target price on shares of Eastgroup Properties from $105.00 to $110.00 and gave the stock an “equal weight” rating in a report on Monday, June 3rd. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $103.47.
About Eastgroup Properties
EastGroup Properties, Inc 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.
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