EastGroup Properties, Inc. (NYSE:EGP) Announces Quarterly Dividend of $1.55

EastGroup Properties, Inc. (NYSE:EGP) declared a quarterly dividend on Friday, December 12th. Investors of record on Wednesday, December 31st will be given a dividend of 1.55 per share by the real estate investment trust on Thursday, January 15th. This represents a c) annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Wednesday, December 31st.

EastGroup Properties has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 4 consecutive years. EastGroup Properties has a dividend payout ratio of 117.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 $6.20 annual dividend with an expected future payout ratio of 63.7%.

EastGroup Properties Trading Down 0.2%

Shares of EGP opened at $181.05 on Monday. EastGroup Properties has a 1-year low of $137.67 and a 1-year high of $188.89. The company has a market capitalization of $9.66 billion, a P/E ratio of 38.03, a P/E/G ratio of 2.82 and a beta of 1.11. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.01 and a quick ratio of 0.01. The firm’s 50 day simple moving average is $179.28 and its 200 day simple moving average is $171.66.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Thursday, October 23rd. The real estate investment trust reported $2.27 EPS for the quarter, missing analysts’ consensus estimates of $2.28 by ($0.01). The company had revenue of $182.14 million during the quarter, compared to analysts’ expectations of $181.88 million. EastGroup Properties had a return on equity of 7.28% and a net margin of 35.58%.EastGroup Properties’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.13 EPS. EastGroup Properties has set its FY 2025 guidance at 8.940-8.980 EPS and its Q4 2025 guidance at 2.300-2.340 EPS. Sell-side analysts forecast that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Richard Reid Dunbar sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $175.00, for a total transaction of $350,000.00. Following the transaction, the executive vice president directly owned 20,630 shares in the company, valued at $3,610,250. This trade represents a 8.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EastGroup Properties

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of EastGroup Properties during the second quarter valued at approximately $252,405,000. Principal Financial Group Inc. boosted its holdings in EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock valued at $336,076,000 after acquiring an additional 602,253 shares in the last quarter. Invesco Ltd. increased its position in EastGroup Properties by 89.5% during the 2nd quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock valued at $155,015,000 after purchasing an additional 438,117 shares during the period. Millennium Management LLC increased its position in EastGroup Properties by 176.4% during the 1st quarter. Millennium Management LLC now owns 493,144 shares of the real estate investment trust’s stock valued at $86,867,000 after purchasing an additional 314,738 shares during the period. Finally, Centersquare Investment Management LLC raised its holdings in EastGroup Properties by 619.9% in the 3rd quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock worth $50,324,000 after purchasing an additional 256,019 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.