EastGroup Properties, Inc. (NYSE:EGP) Given Consensus Rating of “Hold” by Brokerages

EastGroup Properties, Inc. (NYSE:EGPGet Rating) has earned a consensus recommendation of “Hold” from the eleven analysts that are presently covering the firm, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $189.80.

Several equities analysts have recently commented on EGP shares. Piper Sandler lowered their target price on shares of EastGroup Properties to $200.00 in a report on Monday, July 4th. Morgan Stanley lowered their target price on shares of EastGroup Properties from $215.00 to $195.00 and set an “equal weight” rating on the stock in a report on Monday, August 1st. Wells Fargo & Company boosted their target price on shares of EastGroup Properties from $170.00 to $178.00 and gave the stock an “equal weight” rating in a report on Thursday, August 11th. Jefferies Financial Group decreased their price target on shares of EastGroup Properties from $200.00 to $144.00 and set a “hold” rating on the stock in a research note on Thursday, June 30th. Finally, Evercore ISI decreased their price target on shares of EastGroup Properties from $159.00 to $156.00 and set an “in-line” rating on the stock in a research note on Monday.

EastGroup Properties Price Performance

EGP stock opened at $151.99 on Friday. EastGroup Properties has a one year low of $148.33 and a one year high of $229.84. The company’s fifty day moving average price is $166.73 and its 200-day moving average price is $173.53. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.04 and a current ratio of 0.04. The company has a market capitalization of $6.62 billion, a PE ratio of 29.57, a price-to-earnings-growth ratio of 2.84 and a beta of 0.87.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a $1.25 dividend. The ex-dividend date is Thursday, September 29th. This represents a $5.00 annualized dividend and a dividend yield of 3.29%. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.10. EastGroup Properties’s dividend payout ratio is currently 85.60%.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of EastGroup Properties by 22.4% in the fourth quarter. BlackRock Inc. now owns 6,579,597 shares of the real estate investment trust’s stock valued at $1,499,159,000 after acquiring an additional 1,203,642 shares during the period. Vanguard Group Inc. grew its holdings in shares of EastGroup Properties by 2.2% in the first quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock worth $1,254,651,000 after purchasing an additional 133,344 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of EastGroup Properties by 7.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,964,584 shares of the real estate investment trust’s stock worth $457,524,000 after purchasing an additional 217,183 shares during the last quarter. State Street Corp grew its holdings in shares of EastGroup Properties by 11.5% in the first quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock worth $492,949,000 after purchasing an additional 248,538 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of EastGroup Properties by 88.5% in the second quarter. FMR LLC now owns 1,342,138 shares of the real estate investment trust’s stock worth $207,133,000 after purchasing an additional 630,210 shares during the last quarter. Hedge funds and other institutional investors own 89.68% 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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