EastGroup Properties, Inc. (NYSE:EGP) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been assigned an average recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $191.65.

Several equities research analysts recently commented on EGP shares. KeyCorp reissued a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Robert W. Baird upped their price objective on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft began coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 target price on the stock. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and raised their price objective for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd. Finally, Morgan Stanley lowered their price objective on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Monday, December 30th.

EastGroup Properties Stock Down 1.8 %

Shares of EastGroup Properties stock opened at $181.03 on Tuesday. EastGroup Properties has a 1-year low of $155.10 and a 1-year high of $192.61. The company has a market capitalization of $9.42 billion, a P/E ratio of 38.93, a PEG ratio of 3.35 and a beta of 0.99. The business’s fifty day moving average price is $171.86 and its two-hundred day moving average price is $175.22. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) 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%. As a group, research analysts forecast that EastGroup Properties will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.40 dividend. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.09%. EastGroup Properties’s payout ratio is 120.43%.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGP. Crowley Wealth Management Inc. bought a new stake in EastGroup Properties in the fourth quarter worth approximately $29,000. Canton Hathaway LLC bought a new stake in EastGroup Properties in the fourth quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. increased its position in EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 302 shares during the last quarter. Principal Securities Inc. raised its holdings in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after buying an additional 84 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of EastGroup Properties in the third quarter worth about $102,000. Institutional investors own 92.14% of the company’s stock.

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.