Brokerages Set EastGroup Properties, Inc. (NYSE:EGP) PT at $188.00

EastGroup Properties, Inc. (NYSE:EGP) has been given a consensus rating of “Moderate Buy” by the fourteen research firms that are presently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $188.00.

A number of research analysts have recently weighed in on EGP shares. Truist Financial lowered their price objective on EastGroup Properties from $180.00 to $177.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Royal Bank Of Canada lowered their price target on EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 29th. Piper Sandler lowered their price target on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Evercore ISI boosted their price target on EastGroup Properties from $179.00 to $180.00 and gave the stock an “in-line” rating in a report on Thursday, April 24th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of EastGroup Properties in a research note on Wednesday, May 7th.

EastGroup Properties Trading Up 0.2%

EastGroup Properties stock opened at $170.91 on Thursday. EastGroup Properties has a one year low of $137.67 and a one year high of $192.61. The business’s fifty day moving average is $166.24 and its 200 day moving average is $168.96. The stock has a market capitalization of $8.98 billion, a PE ratio of 37.40, a price-to-earnings-growth ratio of 3.76 and a beta of 1.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.12 and a quick ratio of 0.12.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.01. The business had revenue of $174.45 million for the quarter, compared to analysts’ expectations of $169.67 million. EastGroup Properties had a return on equity of 7.41% and a net margin of 34.60%. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period last year, the firm posted $1.98 earnings per share. On average, sell-side analysts predict that EastGroup Properties will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.28%. The ex-dividend date is Monday, June 30th. EastGroup Properties’s dividend payout ratio is currently 122.54%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in EastGroup Properties by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,198,279 shares of the real estate investment trust’s stock worth $1,267,977,000 after acquiring an additional 207,329 shares during the period. Cohen & Steers Inc. lifted its position in EastGroup Properties by 141.6% during the fourth quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust’s stock worth $458,347,000 after buying an additional 1,673,663 shares in the last quarter. FMR LLC lifted its position in EastGroup Properties by 1.4% during the fourth quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust’s stock worth $253,496,000 after buying an additional 21,432 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in EastGroup Properties by 24.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust’s stock worth $226,888,000 after buying an additional 273,217 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in EastGroup Properties by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,318,090 shares of the real estate investment trust’s stock worth $232,184,000 after acquiring an additional 342,620 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

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.