EastGroup Properties (NYSE:EGP) Earns Buy Rating from Analysts at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties (NYSE:EGP) in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $180.00 target price on the real estate investment trust’s stock.

A number of other analysts also recently issued reports on EGP. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $185.00 to $200.00 in a research note on Wednesday, December 11th. Truist Financial cut their price objective on 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 decreased their price objective 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. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and an average target price of $190.88.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $164.11 on Tuesday. The stock has a market cap of $8.12 billion, a price-to-earnings ratio of 33.91, a PEG ratio of 1.88 and a beta of 1.00. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $166.94 and a 200 day simple moving average of $176.94. EastGroup Properties has a 52 week low of $155.10 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business had revenue of $162.88 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.95 EPS. On average, research analysts forecast that EastGroup Properties will post 8.34 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.40 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.41%. EastGroup Properties’s payout ratio is presently 115.70%.

Institutional Investors Weigh In On EastGroup Properties

Large investors have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of 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 valued at $456,872,000 after acquiring an additional 49,268 shares in the last quarter. FMR LLC increased its position in EastGroup Properties by 67.9% during the 3rd quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock valued at $291,081,000 after purchasing an additional 629,827 shares during the period. Geode Capital Management LLC raised its holdings in EastGroup Properties by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust’s stock worth $168,032,000 after purchasing an additional 10,435 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of EastGroup Properties by 7.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock worth $123,848,000 after purchasing an additional 53,083 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of EastGroup Properties by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust’s stock valued at $119,527,000 after purchasing an additional 22,328 shares in the last quarter. 92.14% of the stock is currently 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.