Analysts Set EastGroup Properties, Inc. (NYSE:EGP) Price Target at $191.80

Shares of EastGroup Properties, Inc. (NYSE:EGP) have received an average rating of “Moderate Buy” from the fifteen research firms that are presently covering the company, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $191.80.

A number of brokerages have commented on EGP. Royal Bank of Canada restated a “sector perform” rating and issued a $186.00 price target on shares of EastGroup Properties in a research report on Wednesday, October 30th. Truist Financial decreased their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a research note on Wednesday, November 13th. Wells Fargo & Company dropped their price target on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Finally, Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC raised its stake in EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares in the last quarter. Quest Partners LLC raised its position in shares of EastGroup Properties by 10,400.0% during the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 208 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of EastGroup Properties in the 2nd quarter valued at about $66,000. GAMMA Investing LLC grew its position in EastGroup Properties by 90.7% in the third quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock worth $100,000 after acquiring an additional 255 shares in the last quarter. Finally, Quarry LP bought a new stake in EastGroup Properties during the third quarter worth approximately $102,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

EGP opened at $161.44 on Thursday. The company’s 50 day moving average is $173.06 and its 200 day moving average is $177.71. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The company has a market cap of $7.99 billion, a price-to-earnings ratio of 33.36, a PEG ratio of 2.22 and a beta of 0.99. EastGroup Properties has a 12-month low of $155.23 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.95 earnings per share. On average, equities research analysts predict that EastGroup Properties will post 8.36 EPS for the current year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.40 per share. The ex-dividend date is Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.47%. EastGroup Properties’s dividend payout ratio (DPR) is 115.70%.

About EastGroup Properties

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.