Eastgroup Properties Inc (NYSE:EGP) declared a quarterly dividend on Friday, December 7th, RTT News reports. Shareholders of record on Monday, December 31st will be paid a dividend of 0.72 per share by the real estate investment trust on Tuesday, January 15th. This represents a $2.88 dividend on an annualized basis and a yield of 2.87%.

Eastgroup Properties has raised its dividend by an average of 14.5% per year over the last three years and has raised its dividend annually for the last 6 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 $4.83 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 59.6%.

NYSE:EGP traded down $1.20 during trading hours on Friday, reaching $100.49. 14,311 shares of the company traded hands, compared to its average volume of 133,126. The stock has a market capitalization of $3.57 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 4.09 and a beta of 0.69. Eastgroup Properties has a 1 year low of $77.74 and a 1 year high of $101.91.

Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.14. The business had revenue of $75.30 million during the quarter, compared to analysts’ expectations of $74.65 million. Eastgroup Properties had a return on equity of 10.69% and a net margin of 29.80%. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.08 earnings per share. Sell-side analysts predict that Eastgroup Properties will post 4.67 EPS for the current fiscal year.

EGP has been the subject of a number of recent research reports. SunTrust Banks set a $92.00 price objective on Eastgroup Properties and gave the company a “hold” rating in a research note on Tuesday, October 23rd. Jefferies Financial Group initiated coverage on Eastgroup Properties in a research note on Friday, November 30th. They set a “hold” rating and a $99.00 price objective for the company. Zacks Investment Research upgraded Eastgroup Properties from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Tuesday, October 23rd. Citigroup lifted their price objective on Eastgroup Properties from $90.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, October 30th. Finally, ValuEngine cut Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Tuesday, September 4th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $97.90.

In other news, insider Brent Wood sold 6,000 shares of the business’s stock in a transaction on Wednesday, November 28th. The stock was sold at an average price of $99.95, for a total value of $599,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director H C. Bailey, Jr. sold 264 shares of the business’s stock in a transaction on Wednesday, October 31st. The stock was sold at an average price of $97.01, for a total value of $25,610.64. The disclosure for this sale can be found here. Insiders sold 16,264 shares of company stock valued at $1,621,011 in the last 90 days. Company insiders own 2.90% of the company’s stock.

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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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Dividend History for Eastgroup Properties (NYSE:EGP)

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