EastGroup Properties’ (EGP) “In-Line” Rating Reaffirmed at Evercore ISI

Evercore ISI reaffirmed their in-line rating on shares of EastGroup Properties (NYSE:EGP) in a research report released on Monday, Marketbeat Ratings reports. The firm currently has a $185.00 target price on the real estate investment trust’s stock, up from their prior target price of $181.00.

EGP has been the subject of a number of other research reports. Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and upped their price objective for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. Robert W. Baird upped their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price objective for the company. Finally, Truist Financial upped their price objective on shares of EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a research report on Friday, February 14th. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, EastGroup Properties has an average rating of “Moderate Buy” and a consensus target price of $190.47.

EastGroup Properties Trading Up 0.7 %

Shares of NYSE:EGP opened at $181.23 on Monday. The stock has a market capitalization of $9.43 billion, a PE ratio of 38.97, a P/E/G ratio of 3.35 and a beta of 0.99. EastGroup Properties has a 1 year low of $155.10 and a 1 year high of $192.61. The firm has a fifty day moving average price of $173.91 and a 200 day moving average price of $175.01. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share 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 7.89%. Analysts expect that EastGroup Properties will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a yield of 3.09%. EastGroup Properties’s dividend payout ratio is 120.43%.

Institutional Trading of EastGroup Properties

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in EastGroup Properties by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust’s stock worth $1,121,978,000 after buying an additional 72,199 shares during the last quarter. Cohen & Steers Inc. grew its stake 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 during the last quarter. State Street Corp grew its stake in EastGroup Properties by 2.1% during the third quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust’s stock worth $456,872,000 after buying an additional 49,268 shares during the last quarter. FMR LLC grew its stake in shares of 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 valued at $253,496,000 after purchasing an additional 21,432 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of 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 valued at $226,888,000 after purchasing an additional 273,217 shares during the last quarter. 92.14% of the stock is owned by 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.