EastGroup Properties (NYSE:EGP) Price Target Raised to $180.00

EastGroup Properties (NYSE:EGP) had its price target lifted by Truist Financial from $168.00 to $180.00 in a research note released on Friday,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Several other equities analysts also recently commented on EGP. Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their target price for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. KeyCorp reissued a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price on the stock. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Monday, February 10th. Finally, Wedbush reaffirmed an “outperform” rating and set a $209.00 price target on shares of EastGroup Properties in a research note on Friday, October 25th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $190.53.

EastGroup Properties Stock Down 0.4 %

Shares of EastGroup Properties stock opened at $179.64 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. The stock has a market capitalization of $9.35 billion, a PE ratio of 38.63, a price-to-earnings-growth ratio of 3.23 and a beta of 1.00. EastGroup Properties has a 52-week low of $155.10 and a 52-week high of $192.61. The company has a 50-day simple moving average of $166.53 and a two-hundred day simple moving average of $175.31.

EastGroup Properties (NYSE:EGP) last announced 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 net margin of 35.57% and a return on equity of 8.27%. On average, analysts anticipate that EastGroup Properties will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.12%. The ex-dividend date was Tuesday, December 31st. EastGroup Properties’s payout ratio is 120.43%.

Institutional Trading of EastGroup Properties

Several hedge funds have recently modified their holdings of EGP. Vanguard Group Inc. raised its position in shares of EastGroup Properties by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust’s stock valued at $1,121,978,000 after purchasing an additional 72,199 shares during the last quarter. Cohen & Steers Inc. raised its position in shares of EastGroup Properties by 141.6% in the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust’s stock valued at $458,347,000 after purchasing an additional 1,673,663 shares during the last quarter. State Street Corp raised its position in shares of EastGroup Properties by 2.1% in the 3rd quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust’s stock valued at $456,872,000 after purchasing an additional 49,268 shares during the last quarter. FMR LLC raised its position in shares of EastGroup Properties by 1.4% in the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust’s stock valued at $253,496,000 after purchasing an additional 21,432 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in EastGroup Properties by 24.0% during the 4th 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 during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

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.