Jefferies Financial Group Cuts EastGroup Properties (NYSE:EGP) Price Target to $144.00

EastGroup Properties (NYSE:EGPGet Rating) had its price objective trimmed by Jefferies Financial Group from $200.00 to $144.00 in a report issued on Thursday, The Fly reports. The firm currently has a hold rating on the real estate investment trust’s stock.

A number of other analysts also recently weighed in on the stock. Truist Financial cut their price target on shares of EastGroup Properties from $200.00 to $175.00 and set a hold rating for the company in a report on Tuesday, May 31st. StockNews.com started coverage on shares of EastGroup Properties in a research note on Thursday, March 31st. They issued a hold rating for the company. Evercore ISI set a $185.00 price objective on shares of EastGroup Properties in a research note on Monday, June 20th. Wells Fargo & Company dropped their price objective on shares of EastGroup Properties from $184.00 to $170.00 and set an equal weight rating for the company in a research note on Monday, June 6th. Finally, Mizuho dropped their price objective on shares of EastGroup Properties from $215.00 to $180.00 and set a na rating for the company in a research note on Tuesday, May 17th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $194.90.

Shares of EGP opened at $157.03 on Thursday. EastGroup Properties has a 52 week low of $148.33 and a 52 week high of $229.84. The firm has a market cap of $6.55 billion, a P/E ratio of 33.13, a price-to-earnings-growth ratio of 3.03 and a beta of 0.86. The firm’s 50-day simple moving average is $164.97 and its 200 day simple moving average is $189.14. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.05 and a current ratio of 0.05.

EastGroup Properties (NYSE:EGPGet Rating) last announced its earnings results on Tuesday, April 26th. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.81). EastGroup Properties had a return on equity of 12.84% and a net margin of 45.65%. During the same quarter last year, the business posted $1.45 EPS. As a group, equities analysts forecast that EastGroup Properties will post 6.83 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, June 30th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Wednesday, June 29th. EastGroup Properties’s dividend payout ratio (DPR) is presently 92.83%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Pictet Asset Management SA increased its position in shares of EastGroup Properties by 1.3% during the fourth quarter. Pictet Asset Management SA now owns 15,168 shares of the real estate investment trust’s stock worth $3,456,000 after buying an additional 189 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in EastGroup Properties in the fourth quarter worth $4,392,000. Raymond James & Associates grew its holdings in EastGroup Properties by 0.4% in the fourth quarter. Raymond James & Associates now owns 85,093 shares of the real estate investment trust’s stock worth $19,389,000 after purchasing an additional 371 shares during the period. Swiss National Bank grew its holdings in EastGroup Properties by 0.6% in the fourth quarter. Swiss National Bank now owns 88,987 shares of the real estate investment trust’s stock worth $20,276,000 after purchasing an additional 500 shares during the period. Finally, Credit Suisse AG grew its holdings in EastGroup Properties by 7.2% in the fourth quarter. Credit Suisse AG now owns 71,372 shares of the real estate investment trust’s stock worth $16,263,000 after purchasing an additional 4,815 shares during the period. Institutional investors own 91.02% of the company’s stock.

EastGroup Properties Company Profile (Get Rating)

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

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