EastGroup Properties, Inc. (NYSE:EGP) Receives Consensus Recommendation of “Moderate Buy” from Analysts

EastGroup Properties, Inc. (NYSE:EGP) has been given an average recommendation of “Moderate Buy” by the sixteen brokerages that are currently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $200.1765.

EGP has been the subject of several research reports. Truist Financial upped their price objective on shares of EastGroup Properties from $203.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, February 17th. Citigroup upped their price objective on shares of EastGroup Properties from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of EastGroup Properties in a research note on Friday, March 27th. Piper Sandler upped their price objective on shares of EastGroup Properties from $220.00 to $230.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Finally, Morgan Stanley set a $205.00 price objective on shares of EastGroup Properties in a research note on Friday, January 16th.

EastGroup Properties Stock Up 1.2%

Shares of NYSE EGP opened at $195.18 on Wednesday. EastGroup Properties has a 12-month low of $152.53 and a 12-month high of $197.95. The stock has a market cap of $10.49 billion, a PE ratio of 40.08, a P/E/G ratio of 3.14 and a beta of 1.09. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average of $189.72 and a 200 day moving average of $182.68.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, March 31st. EastGroup Properties’s dividend payout ratio is currently 127.31%.

Institutional Trading of EastGroup Properties

Several large investors have recently bought and sold shares of the business. Hsbc Holdings PLC grew its stake in EastGroup Properties by 12.6% during the 4th quarter. Hsbc Holdings PLC now owns 130,033 shares of the real estate investment trust’s stock valued at $23,164,000 after acquiring an additional 14,528 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in EastGroup Properties by 22.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,854 shares of the real estate investment trust’s stock valued at $330,000 after purchasing an additional 337 shares during the last quarter. World Investment Advisors acquired a new position in EastGroup Properties in the 4th quarter valued at about $304,000. Montanaro Asset Management Ltd boosted its holdings in EastGroup Properties by 28.6% in the 4th quarter. Montanaro Asset Management Ltd now owns 47,600 shares of the real estate investment trust’s stock valued at $8,479,000 after purchasing an additional 10,600 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its holdings in EastGroup Properties by 22.1% in the 4th quarter. Corient Private Wealth LLC now owns 29,516 shares of the real estate investment trust’s stock valued at $5,260,000 after purchasing an additional 5,341 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.