EastGroup Properties, Inc. (NYSE:EGP) declared a quarterly dividend on Friday, December 1st, RTT News reports. Stockholders of record on Friday, December 15th will be paid a dividend of 0.64 per share by the real estate investment trust on Friday, December 29th. This represents a $2.56 annualized dividend and a dividend yield of 2.72%.

EastGroup Properties has increased its dividend by an average of 4.5% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. EastGroup Properties has a dividend payout ratio of 60.5% meaning its dividend is sufficiently covered by earnings. Equities 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) traded up $0.51 during midday trading on Friday, hitting $94.08. The company had a trading volume of 202,200 shares, compared to its average volume of 197,976. The firm has a market cap of $3,241.43, a PE ratio of 22.42, a PEG ratio of 5.18 and a beta of 0.98. EastGroup Properties has a 1 year low of $67.24 and a 1 year high of $95.03.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Thursday, October 19th. The real estate investment trust reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.61. EastGroup Properties had a return on equity of 11.70% and a net margin of 30.03%. The firm had revenue of $68.75 million during the quarter, compared to the consensus estimate of $68.74 million. During the same period last year, the business posted $1.04 EPS. EastGroup Properties’s quarterly revenue was up 8.8% on a year-over-year basis. research analysts predict that EastGroup Properties will post 4.23 earnings per share for the current fiscal year.

In other news, Director Hayden C. Eaves III sold 3,532 shares of EastGroup Properties stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $92.14, for a total transaction of $325,438.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.90% of the company’s stock.

A number of research analysts recently weighed in on EGP shares. Bank of America lifted their target price on EastGroup Properties from $100.00 to $103.00 and gave the company a “buy” rating in a report on Monday, November 6th. Zacks Investment Research downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. ValuEngine upgraded EastGroup Properties from a “hold” rating to a “buy” rating in a research report on Monday, September 11th. Sandler O’Neill upgraded EastGroup Properties from a “hold” rating to a “buy” rating and increased their price objective for the company from $90.00 to $104.00 in a research report on Tuesday, September 5th. Finally, Cantor Fitzgerald reissued a “hold” rating and set a $79.00 target price on shares of EastGroup Properties in a research note on Friday, October 20th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. EastGroup Properties currently has a consensus rating of “Hold” and an average price target 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.

Dividend History for EastGroup Properties (NYSE:EGP)

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