EastGroup Properties, Inc. (NYSE:EGP) Receives $190.47 Average PT from Analysts

Shares of EastGroup Properties, Inc. (NYSE:EGP) have received a consensus rating of “Moderate Buy” from the seventeen analysts that are currently covering the company, MarketBeat.com reports. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $190.47.

A number of equities analysts have issued reports on EGP shares. Robert W. Baird increased their target price on EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft assumed coverage on EastGroup Properties in a research report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price on the stock. Truist Financial upped their price target on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a research report on Friday, February 14th. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and lifted their price objective for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Finally, KeyCorp restated a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th.

EastGroup Properties Trading Down 3.1 %

NYSE:EGP opened at $160.59 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The business’s 50-day simple moving average is $177.24 and its 200-day simple moving average is $174.05. EastGroup Properties has a fifty-two week low of $155.10 and a fifty-two week high of $192.61. The stock has a market capitalization of $8.35 billion, a PE ratio of 34.54, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. Sell-side analysts expect that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.49%. EastGroup Properties’s dividend payout ratio (DPR) is 120.43%.

Hedge Funds Weigh In On EastGroup Properties

Large investors have recently modified their holdings of the stock. Cerity Partners LLC grew its stake in EastGroup Properties by 35.6% in the 3rd quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust’s stock valued at $2,545,000 after buying an additional 3,574 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of EastGroup Properties by 337.0% during the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock worth $8,728,000 after acquiring an additional 37,863 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of EastGroup Properties by 20.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock valued at $261,000 after purchasing an additional 275 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of EastGroup Properties by 5.5% during the fourth quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock worth $72,610,000 after purchasing an additional 23,626 shares during the period. Finally, BankPlus Trust Department acquired a new stake in EastGroup Properties during the 4th quarter worth approximately $1,871,000. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.