EastGroup Properties (NYSE:EGP) Given New $205.00 Price Target at Truist Financial

EastGroup Properties (NYSE:EGP) had its price objective increased by Truist Financial from $203.00 to $205.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts have also weighed in on the company. Wells Fargo & Company lifted their price target on EastGroup Properties from $187.00 to $196.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Citigroup raised their price objective on EastGroup Properties from $210.00 to $220.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Mizuho restated a “neutral” rating and issued a $172.00 price objective (down from $180.00) on shares of EastGroup Properties in a research report on Thursday, December 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of EastGroup Properties in a research note on Monday, December 29th. Finally, KeyCorp lifted their price target on shares of EastGroup Properties from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and an average price target of $199.47.

EastGroup Properties Price Performance

NYSE:EGP opened at $192.77 on Tuesday. The firm’s fifty day moving average is $183.52 and its two-hundred day moving average is $175.92. The firm has a market cap of $10.28 billion, a price-to-earnings ratio of 39.58, a PEG ratio of 2.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01. EastGroup Properties has a one year low of $137.67 and a one year high of $193.69.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s payout ratio is presently 127.31%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in EastGroup Properties by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 7,350,473 shares of the real estate investment trust’s stock worth $1,244,141,000 after purchasing an additional 43,633 shares during the last quarter. Cohen & Steers Inc. lifted its stake in shares of EastGroup Properties by 7.0% in the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock worth $545,746,000 after buying an additional 200,617 shares in the last quarter. State Street Corp lifted its stake in shares of EastGroup Properties by 0.6% in the third quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust’s stock worth $458,320,000 after buying an additional 15,918 shares in the last quarter. Principal Financial Group Inc. boosted its position in EastGroup Properties by 16.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,303,804 shares of the real estate investment trust’s stock worth $410,404,000 after acquiring an additional 318,261 shares during the last quarter. Finally, Norges Bank purchased a new stake in EastGroup Properties during the 4th quarter valued at about $281,054,000. 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.