Eastgroup Properties Inc (NYSE:EGP) announced a quarterly dividend on Thursday, May 23rd, RTT News reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.72 per share by the real estate investment trust on Monday, July 15th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.56%.

Eastgroup Properties has decreased its dividend by an average of 5.1% annually over the last three years and has raised its dividend every year for the last 7 years. Eastgroup Properties has a dividend payout ratio of 62.3% indicating that its dividend is sufficiently covered by earnings. 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 traded down $0.90 during midday trading on Thursday, reaching $112.45. The company had a trading volume of 4,085 shares, compared to its average volume of 635,793. Eastgroup Properties has a one year low of $87.69 and a one year high of $116.45. The company has a current ratio of 0.02, a quick ratio of 0.02 and a debt-to-equity ratio of 1.22. The firm has a market cap of $4.18 billion, a PE ratio of 24.13, a price-to-earnings-growth ratio of 4.48 and a beta of 0.84.

Eastgroup Properties (NYSE:EGP) last released its earnings results on Monday, April 22nd. The real estate investment trust reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $78.83 million. During the same quarter in the previous year, the company posted $1.16 EPS. Eastgroup Properties’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, equities research analysts forecast that Eastgroup Properties will post 4.88 earnings per share for the current fiscal year.

A number of equities research analysts have recently weighed in on EGP shares. Zacks Investment Research raised Eastgroup Properties from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Tuesday, April 9th. SunTrust Banks boosted their target price on Eastgroup Properties from $92.00 to $98.00 and gave the company a “hold” rating in a research note on Tuesday, February 19th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $101.52.

In related news, insider John F. Coleman sold 10,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $111.09, for a total transaction of $1,110,900.00. Following the transaction, the insider now owns 99,657 shares in the company, valued at approximately $11,070,896.13. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by insiders.

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Eastgroup Properties Company Profile

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.

Read More: Intrinsic Value and Stock Selection

Dividend History for Eastgroup Properties (NYSE:EGP)

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