EastGroup Properties (NYSE:EGP) Upgraded to “Outperform” at Wedbush

Wedbush upgraded shares of EastGroup Properties (NYSE:EGP) from a neutral rating to an outperform rating in a report published on Monday morning, MarketBeat reports. The firm currently has $208.00 target price on the real estate investment trust’s stock, up from their prior target price of $162.00.

Other research analysts also recently issued research reports about the stock. Piper Sandler cut their target price on shares of EastGroup Properties from $215.00 to $200.00 and set an overweight rating on the stock in a research report on Monday, April 29th. BNP Paribas initiated coverage on shares of EastGroup Properties in a report on Tuesday, June 4th. They set a neutral rating and a $167.00 price objective on the stock. KeyCorp lowered their target price on EastGroup Properties from $198.00 to $178.00 and set an overweight rating for the company in a report on Tuesday, April 30th. JPMorgan Chase & Co. reduced their price target on EastGroup Properties from $190.00 to $183.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. Finally, Robert W. Baird dropped their price objective on EastGroup Properties from $195.00 to $175.00 and set an outperform rating on the stock in a research report on Wednesday, May 1st. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $182.75.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $184.36 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. The stock has a market cap of $8.88 billion, a price-to-earnings ratio of 39.99, a price-to-earnings-growth ratio of 2.96 and a beta of 0.98. The firm has a 50-day moving average of $171.03 and a two-hundred day moving average of $173.53. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The firm had revenue of $159.09 million during the quarter, compared to analysts’ expectations of $156.70 million. EastGroup Properties had a net margin of 37.16% and a return on equity of 8.88%. The firm’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 EPS. On average, research analysts forecast that EastGroup Properties will post 8.3 earnings per share for the current year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.76%. The ex-dividend date was Friday, June 28th. EastGroup Properties’s payout ratio is 110.20%.

Institutional Trading of EastGroup Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGP. GAMMA Investing LLC purchased a new position in shares of EastGroup Properties in the fourth quarter worth about $31,000. Gradient Investments LLC acquired a new position in EastGroup Properties during the second quarter valued at $32,000. Venturi Wealth Management LLC grew its position in EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 66 shares during the period. ZRC Wealth Management LLC purchased a new position in shares of EastGroup Properties during the 4th quarter valued at about $37,000. Finally, Mather Group LLC. acquired a new position in shares of EastGroup Properties in the 1st quarter valued at about $42,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

About EastGroup Properties

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.