EastGroup Properties, Inc. (NYSE:EGP) Receives $189.31 Average PT from Analysts

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $189.31.

A number of research analysts have recently commented on the company. Royal Bank Of Canada lowered their price target on EastGroup Properties from $183.00 to $182.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 29th. Wall Street Zen upgraded shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Sunday, April 27th. Raymond James Financial restated a “strong-buy” rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Piper Sandler reduced their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Finally, Truist Financial decreased their price objective on shares of EastGroup Properties from $180.00 to $177.00 and set a “buy” rating for the company in a report on Monday, May 5th.

EastGroup Properties Price Performance

EGP opened at $162.04 on Friday. The company has a market capitalization of $8.64 billion, a P/E ratio of 35.00, a PEG ratio of 3.30 and a beta of 0.98. The company has a 50-day moving average of $168.31 and a 200-day moving average of $169.80. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. EastGroup Properties has a 1-year low of $137.67 and a 1-year high of $192.21.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.01. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The company had revenue of $177.29 million for the quarter, compared to analysts’ expectations of $175.80 million. During the same period in the prior year, the company earned $2.05 earnings per share. The firm’s revenue was up 11.4% compared to the same quarter last year. Equities analysts expect that EastGroup Properties will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $1.40 dividend. The ex-dividend date was Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.5%. EastGroup Properties’s dividend payout ratio is currently 120.95%.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors and hedge funds have recently modified their holdings of EGP. Teacher Retirement System of Texas raised its stake in shares of EastGroup Properties by 2.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 22,408 shares of the real estate investment trust’s stock valued at $3,745,000 after acquiring an additional 616 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in EastGroup Properties by 6.2% during the second quarter. State of New Jersey Common Pension Fund D now owns 43,057 shares of the real estate investment trust’s stock valued at $7,196,000 after purchasing an additional 2,500 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of EastGroup Properties by 1.7% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 57,571 shares of the real estate investment trust’s stock valued at $9,621,000 after purchasing an additional 962 shares during the period. First Citizens Bank & Trust Co. bought a new position in shares of EastGroup Properties in the second quarter valued at approximately $680,000. Finally, Aurora Investment Counsel lifted its stake in shares of EastGroup Properties by 2.1% in the second quarter. Aurora Investment Counsel now owns 9,230 shares of the real estate investment trust’s stock worth $1,543,000 after buying an additional 188 shares during the last quarter. Institutional investors and hedge funds 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.