EastGroup Properties (NYSE: EGP) announced a hike of 10.2% in its quarterly dividend, raising it to $1.40 per share from $1.27 paid earlier. The increased dividend will be paid out on Oct. 15 to shareholders on record as of Sep. 30, 2024.
Based on the increase, the annual dividend rate now comes to $5.60 a share, resulting in an annualized yield of 2.99%, considering EastGroup's closing price of $187 on Aug. 26.
Solid dividend payouts remain the biggest enticements for REIT investors, and EastGroup Properties is committed to boosting shareholder wealth. The company has hiked its dividend in each of the last 13 years. The recent dividend hike marks its 179th consecutive quarterly distribution to shareholders. Further, EGP increased or maintained its dividend for 32 consecutive years and hiked it for 29 years during this period.
In the last five years, EastGroup has increased its dividend seven times, and the annualized dividend growth rate for this period is 15.88%. This is attractive to income investors and represents a steady income stream.
EGP's Stock Fundamentals & Financial Performance
This industrial REIT focuses on the development, acquisition and operation of industrial ...
