EastGroup Properties, Inc. (NYSE:EGP) Receives Average Rating of “Hold” from Analysts

EastGroup Properties, Inc. (NYSE:EGP) has been given a consensus rating of “Hold” by the fifteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Nine research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $180.40.

Several research analysts have recently commented on EGP shares. Wedbush raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $162.00 to $208.00 in a report on Monday, July 22nd. BMO Capital Markets initiated coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price objective on the stock. Royal Bank of Canada decreased their price objective on shares of EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating on the stock in a research note on Monday, May 6th. 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. Finally, Mizuho cut their target price on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently made changes to their positions in the business. SYSTM Wealth Solutions LLC increased its position in shares of EastGroup Properties by 24.2% during the first quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock worth $60,000 after acquiring an additional 65 shares in the last quarter. Venturi Wealth Management LLC grew its position in EastGroup Properties by 51.6% in 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 in the last quarter. EverSource Wealth Advisors LLC grew its position in EastGroup Properties by 30.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 80 shares in the last quarter. Securian Asset Management Inc. grew its position in EastGroup Properties by 2.6% in the 4th quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock worth $724,000 after purchasing an additional 100 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in EastGroup Properties by 0.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock worth $5,328,000 after purchasing an additional 103 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Trading Up 1.4 %

Shares of EGP stock opened at $187.10 on Monday. The firm has a 50 day moving average price of $171.45 and a two-hundred day moving average price of $173.44. The company has a quick ratio of 0.10, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $9.12 billion, a PE ratio of 40.59, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same period in the prior year, the business posted $1.89 earnings per share. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. As a group, analysts predict that EastGroup Properties will post 8.31 earnings per share for the current year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Friday, June 28th. EastGroup Properties’s payout ratio is presently 110.20%.

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.