EastGroup Properties, Inc. (NYSE:EGP) Receives $195.19 Consensus Target Price from Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been given an average recommendation of “Moderate Buy” by the fifteen ratings firms that are presently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $195.1875.

EGP has been the topic of a number of analyst reports. UBS Group set a $200.00 price objective on shares of EastGroup Properties in a report on Thursday, December 4th. Piper Sandler set a $220.00 target price on EastGroup Properties in a research report on Friday, December 12th. KeyCorp upgraded shares of EastGroup Properties from a “sector weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Thursday, December 4th. Royal Bank Of Canada set a $183.00 price objective on EastGroup Properties and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. Finally, Mizuho reiterated a “neutral” rating and set a $172.00 target price (down previously from $180.00) on shares of EastGroup Properties in a research report on Thursday, December 4th.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $181.11 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.01 and a quick ratio of 0.01. The company has a market cap of $9.66 billion, a price-to-earnings ratio of 38.05, a price-to-earnings-growth ratio of 2.66 and a beta of 1.11. The stock’s 50-day moving average is $181.51 and its two-hundred day moving average is $173.51. EastGroup Properties has a 1-year low of $137.67 and a 1-year high of $188.89.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, October 23rd. The real estate investment trust reported $2.27 EPS for the quarter, missing analysts’ consensus estimates of $2.28 by ($0.01). The company had revenue of $182.14 million for the quarter, compared to analyst estimates of $181.88 million. EastGroup Properties had a return on equity of 7.28% and a net margin of 35.58%.The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.13 earnings per share. Analysts forecast that EastGroup Properties will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $1.55 per share. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 dividend on an annualized basis and a yield of 3.4%. EastGroup Properties’s dividend payout ratio is currently 130.25%.

Insider Buying and Selling at EastGroup Properties

In other news, EVP Richard Reid Dunbar sold 2,000 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the sale, the executive vice president owned 20,630 shares in the company, valued at approximately $3,610,250. This represents a 8.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On EastGroup Properties

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Canton Hathaway LLC raised its holdings in EastGroup Properties by 31.6% during the third quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 60 shares in the last quarter. Azzad Asset Management Inc. ADV increased its holdings in shares of EastGroup Properties by 2.6% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust’s stock valued at $432,000 after purchasing an additional 62 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of EastGroup Properties by 1.9% in the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after purchasing an additional 68 shares during the period. Virtus Investment Advisers LLC grew its position in EastGroup Properties by 7.5% during the second quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust’s stock worth $167,000 after buying an additional 70 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in EastGroup Properties by 3.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,489 shares of the real estate investment trust’s stock valued at $421,000 after buying an additional 77 shares in the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Company Profile

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.