BidaskClub Downgrades EastGroup Properties, Inc. (EGP) to Buy

EastGroup Properties, Inc. (NYSE:EGP) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.

A number of other research analysts also recently weighed in on the company. Evercore ISI reiterated an “underperform” rating and set a $73.00 target price (up previously from $69.00) on shares of EastGroup Properties in a report on Sunday, April 23rd. Morgan Stanley upgraded EastGroup Properties from an “underweight” rating to an “equal weight” rating and set a $76.00 target price on the stock in a report on Wednesday, April 12th. Mizuho upped their target price on EastGroup Properties from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, April 24th. BMO Capital Markets reiterated a “hold” rating and set a $70.00 target price on shares of EastGroup Properties in a report on Wednesday, March 22nd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 target price on shares of EastGroup Properties in a report on Tuesday, March 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. EastGroup Properties currently has a consensus rating of “Hold” and an average target price of $76.25.

Analyst Recommendations for EastGroup Properties (NYSE:EGP)

EastGroup Properties (NYSE EGP) opened at 84.50 on Wednesday. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 32.09 and a beta of 1.01. EastGroup Properties has a one year low of $63.99 and a one year high of $87.40. The firm has a 50-day moving average price of $81.43 and a 200 day moving average price of $75.70.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Thursday, April 20th. The real estate investment trust reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.64. EastGroup Properties had a return on equity of 13.70% and a net margin of 33.62%. The firm had revenue of $66.15 million for the quarter, compared to the consensus estimate of $66.76 million. During the same quarter in the prior year, the business earned $0.91 EPS. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. Equities analysts expect that EastGroup Properties will post $1.77 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Tuesday, May 16th will be given a $0.62 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.93%. EastGroup Properties’s dividend payout ratio is currently 93.94%.

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In other news, Director David H. Hoster II sold 1,259 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $84.00, for a total value of $105,756.00. Following the sale, the director now directly owns 186,130 shares of the company’s stock, valued at approximately $15,634,920. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Brent Wood sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $78.72, for a total value of $314,880.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,109 shares of company stock worth $1,601,930. Insiders own 2.90% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its stake in shares of EastGroup Properties by 1.7% in the first quarter. Public Employees Retirement System of Ohio now owns 38,261 shares of the real estate investment trust’s stock worth $2,813,000 after buying an additional 639 shares in the last quarter. Macquarie Group Ltd. boosted its stake in shares of EastGroup Properties by 17.5% in the first quarter. Macquarie Group Ltd. now owns 409,595 shares of the real estate investment trust’s stock worth $30,117,000 after buying an additional 61,060 shares in the last quarter. State Street Corp boosted its stake in shares of EastGroup Properties by 6.0% in the first quarter. State Street Corp now owns 1,251,740 shares of the real estate investment trust’s stock worth $92,041,000 after buying an additional 71,139 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of EastGroup Properties by 19.5% in the first quarter. Bank of America Corp DE now owns 99,056 shares of the real estate investment trust’s stock worth $7,284,000 after buying an additional 16,136 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of EastGroup Properties by 2.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 315,997 shares of the real estate investment trust’s stock worth $23,236,000 after buying an additional 8,796 shares in the last quarter. 96.09% of the stock is currently owned by hedge funds and other institutional investors.

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.

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