Eastgroup Properties (NYSE:EGP) Price Target Raised to $130.00 at Morgan Stanley

Eastgroup Properties (NYSE:EGP) had its price objective boosted by Morgan Stanley from $120.00 to $130.00 in a report released on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

A number of other research firms have also recently commented on EGP. Stifel Nicolaus set a $145.00 target price on shares of Eastgroup Properties and gave the stock a buy rating in a report on Friday, October 25th. ValuEngine cut shares of Eastgroup Properties from a buy rating to a hold rating in a report on Wednesday, October 2nd. SunTrust Banks increased their target price on shares of Eastgroup Properties from $105.00 to $115.00 and gave the stock a hold rating in a report on Tuesday, August 13th. Finally, Citigroup increased their target price on shares of Eastgroup Properties from $109.00 to $129.00 and gave the stock a neutral rating in a report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $130.60.

EGP traded down $0.40 on Tuesday, hitting $131.88. 452 shares of the stock were exchanged, compared to its average volume of 190,887. Eastgroup Properties has a 12 month low of $87.69 and a 12 month high of $138.15. The business has a 50-day moving average of $133.48 and a two-hundred day moving average of $124.05. The firm has a market capitalization of $5.15 billion, a price-to-earnings ratio of 28.16, a PEG ratio of 6.13 and a beta of 0.76.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.25 by ($0.65). The firm had revenue of $83.94 million for the quarter, compared to the consensus estimate of $83.24 million. Eastgroup Properties had a return on equity of 9.16% and a net margin of 28.07%. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.17 EPS. On average, equities analysts expect that Eastgroup Properties will post 4.96 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th will be issued a $0.75 dividend. The ex-dividend date is Friday, December 27th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.27%. This is a boost from Eastgroup Properties’s previous quarterly dividend of $0.72. Eastgroup Properties’s dividend payout ratio is 64.24%.

In other news, Director David H. Hoster II sold 6,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $132.84, for a total value of $797,040.00. Following the completion of the transaction, the director now owns 167,646 shares of the company’s stock, valued at $22,270,094.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of EGP. Nuveen Asset Management LLC acquired a new position in shares of Eastgroup Properties in the second quarter valued at approximately $106,211,000. Eagle Asset Management Inc. increased its stake in shares of Eastgroup Properties by 198.0% in the third quarter. Eagle Asset Management Inc. now owns 305,860 shares of the real estate investment trust’s stock valued at $38,238,000 after buying an additional 203,213 shares during the period. Carillon Tower Advisers Inc. acquired a new position in shares of Eastgroup Properties in the third quarter valued at approximately $19,430,000. Citadel Advisors LLC increased its stake in shares of Eastgroup Properties by 508.3% in the second quarter. Citadel Advisors LLC now owns 134,120 shares of the real estate investment trust’s stock valued at $15,556,000 after buying an additional 112,071 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Eastgroup Properties by 18.1% in the second quarter. Northern Trust Corp now owns 729,681 shares of the real estate investment trust’s stock valued at $84,628,000 after buying an additional 112,046 shares during the period. 90.86% of the stock is owned by hedge funds and other institutional investors.

About Eastgroup Properties

EastGroup Properties, Inc 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.

Further Reading: What is a Real Estate Investment Trust (REIT)?

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