Brokerages Set EastGroup Properties, Inc. (NYSE:EGP) Target Price at $190.47

EastGroup Properties, Inc. (NYSE:EGP) has been given an average rating of “Moderate Buy” by the seventeen brokerages that are presently covering the stock, MarketBeat reports. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $190.47.

A number of analysts have recently issued reports on EGP shares. Evercore ISI restated an “in-line” rating and set a $185.00 target price (up previously from $181.00) on shares of EastGroup Properties in a research note on Monday, March 17th. StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft began coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target for the company. 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, Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th.

Institutional Trading of EastGroup Properties

Large investors have recently bought and sold shares of the business. Cerity Partners LLC lifted its holdings in shares of EastGroup Properties by 35.6% in the third quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust’s stock worth $2,545,000 after acquiring an additional 3,574 shares during the last quarter. Franklin Resources Inc. boosted its position in EastGroup Properties by 337.0% in the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock valued at $8,728,000 after buying an additional 37,863 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of EastGroup Properties by 20.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock worth $261,000 after buying an additional 275 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of EastGroup Properties by 5.5% during the fourth quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock worth $72,610,000 after buying an additional 23,626 shares in the last quarter. Finally, BankPlus Trust Department bought a new position in shares of EastGroup Properties in the 4th quarter valued at $1,871,000. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $175.77 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average price is $177.49 and its two-hundred day moving average price is $174.32. The company has a market cap of $9.14 billion, a PE ratio of 37.80, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99. EastGroup Properties has a twelve month low of $155.10 and a twelve month high of $192.61.

EastGroup Properties (NYSE:EGP) last posted 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 return on equity of 7.89% and a net margin of 35.57%. On average, analysts predict that EastGroup Properties will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.19%. EastGroup Properties’s dividend payout ratio (DPR) is currently 120.43%.

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.