EastGroup Properties, Inc. (NYSE:EGP) Receives $192.57 Consensus Target Price from Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have earned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $192.57.

EGP has been the subject of several recent research reports. Wedbush reiterated an “outperform” rating and issued a $209.00 price target on shares of EastGroup Properties in a research note on Friday, October 25th. Morgan Stanley upped their target price on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. Barclays decreased their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Evercore ISI upped their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Finally, Truist Financial raised their target price on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a report on Monday, August 5th.

Institutional Trading of EastGroup Properties

Several hedge funds and other institutional investors have recently made changes to their positions in EGP. Gradient Investments LLC acquired a new position in shares of EastGroup Properties during the second quarter worth $32,000. V Square Quantitative Management LLC lifted its holdings in EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 61 shares during the period. Quest Partners LLC grew its position in shares of EastGroup Properties by 10,400.0% in 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 during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of EastGroup Properties by 30.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 80 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in shares of EastGroup Properties during the second quarter worth about $66,000. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Stock Down 0.0 %

EGP stock opened at $171.20 on Wednesday. EastGroup Properties has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The stock has a market capitalization of $8.48 billion, a price-to-earnings ratio of 35.37, a PEG ratio of 2.55 and a beta of 1.00. The business’s fifty day moving average price is $182.93 and its two-hundred day moving average price is $175.52.

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

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $1.40 dividend. The ex-dividend date was Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.27%. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.70%.

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.