EastGroup Properties, Inc. (NYSE:EGP) Receives $187.40 Average Target Price from Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have received a consensus recommendation of “Moderate Buy” from the fifteen research firms that are covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $186.60.

EGP has been the subject of a number of research reports. Truist Financial reduced their price objective on EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Wells Fargo & Company cut their price target on EastGroup Properties from $199.00 to $187.00 and set an “overweight” rating for the company in a research note on Monday. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Sunday, April 27th. Barclays dropped their price objective on shares of EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 30th. Finally, Robert W. Baird decreased their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th.

EastGroup Properties Stock Performance

Shares of EGP opened at $171.04 on Friday. The business’s fifty day simple moving average is $166.26 and its two-hundred day simple moving average is $169.44. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties has a 12 month low of $137.67 and a 12 month high of $192.61. The company has a market cap of $8.98 billion, a price-to-earnings ratio of 36.78, a P/E/G ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm had revenue of $174.45 million for the quarter, compared to the consensus estimate of $169.67 million. During the same period in the prior year, the company posted $1.98 earnings per share. The company’s quarterly revenue was up 13.1% on a year-over-year basis. Research analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $1.40 dividend. The ex-dividend date was Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.27%. EastGroup Properties’s payout ratio is 122.54%.

Institutional Trading of EastGroup Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citizens National Bank Trust Department purchased a new stake in EastGroup Properties during the 1st quarter valued at approximately $26,000. Assetmark Inc. boosted its position in shares of EastGroup Properties by 1,035.7% during the first quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 145 shares during the last quarter. Crowley Wealth Management Inc. purchased a new stake in EastGroup Properties in the 4th quarter worth $29,000. Canton Hathaway LLC purchased a new stake in EastGroup Properties in the 4th quarter worth $30,000. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its stake in EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 302 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

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.