EastGroup Properties, Inc. (NYSE:EGP) Receives $190.88 Consensus PT from Analysts

EastGroup Properties, Inc. (NYSE:EGP) has earned an average rating of “Moderate Buy” from the seventeen analysts that are presently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $190.88.

A number of equities analysts recently weighed in on EGP shares. Wedbush reissued an “outperform” rating and issued a $209.00 price target on shares of EastGroup Properties in a report on Friday, October 25th. Truist Financial lowered their price objective on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a report on Wednesday, November 13th. Morgan Stanley reduced their target price on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a report on Monday, December 30th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price for the company. Finally, Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and increased their price objective for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd.

Institutional Trading of EastGroup Properties

Institutional investors have recently added to or reduced their stakes in the stock. Wealthfront Advisers LLC purchased a new position in shares of EastGroup Properties in the 4th quarter worth $1,946,000. Daiwa Securities Group Inc. raised its holdings in EastGroup Properties by 210.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust’s stock valued at $113,584,000 after acquiring an additional 479,873 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in EastGroup Properties by 49.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,177 shares of the real estate investment trust’s stock worth $4,843,000 after buying an additional 10,027 shares during the last quarter. Davis Selected Advisers raised its holdings in shares of EastGroup Properties by 12.1% during the fourth quarter. Davis Selected Advisers now owns 44,440 shares of the real estate investment trust’s stock worth $7,132,000 after purchasing an additional 4,780 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of EastGroup Properties during the fourth quarter valued at approximately $116,756,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

NYSE:EGP opened at $174.79 on Friday. EastGroup Properties has a 1-year low of $155.10 and a 1-year high of $192.61. The stock has a market cap of $8.65 billion, a P/E ratio of 37.59, a PEG ratio of 3.23 and a beta of 1.00. The stock has a 50 day simple moving average of $165.59 and a 200 day simple moving average of $175.58. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 8.27% and a net margin of 35.57%. Research analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $1.40 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.20%. EastGroup Properties’s dividend payout ratio (DPR) is 120.43%.

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.