Investment Analysts’ Weekly Ratings Changes for EastGroup Properties (EGP)

A number of firms have modified their ratings and price targets on shares of EastGroup Properties (NYSE: EGP) recently:

• 9/5/2024 – EastGroup Properties was upgraded by analysts at Mizuho from a “neutral” rating to an “outperform” rating. They now have a $200.00 price target on the stock, up previously from $175.00.
• 8/28/2024 – EastGroup Properties was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating. They now have a $214.00 price target on the stock, up previously from $179.00.
• 8/28/2024 – EastGroup Properties had its price target raised by analysts at Evercore ISI from $188.00 to $192.00. They now have an “in-line” rating on the stock.
• 8/22/2024 – EastGroup Properties had its price target raised by analysts at Morgan Stanley from $158.00 to $186.00. They now have an “equal weight” rating on the stock.
• 8/5/2024 – EastGroup Properties had its price target raised by analysts at Wedbush from $208.00 to $209.00. They now have an “outperform” rating on the stock.
• 8/5/2024 – EastGroup Properties had its price target raised by analysts at Truist Financial Co. from $176.00 to $190.00. They now have a “hold” rating on the stock.
• 7/30/2024 – EastGroup Properties had its price target raised by analysts at Royal Bank of Canada from $172.00 to $186.00. They now have a “sector perform” rating on the stock.
• 7/30/2024 – EastGroup Properties had its price target raised by analysts at KeyCorp from $178.00 to $198.00. They now have an “overweight” rating on the stock.
• 7/30/2024 – EastGroup Properties had its price target raised by analysts at Barclays PLC from $175.00 to $198.00. They now have an “equal weight” rating on the stock.
• 7/22/2024 – EastGroup Properties was upgraded by analysts at Wedbush from a “neutral” rating to an “outperform” rating. They now have a $208.00 price target on the stock, up previously from $162.00.

EastGroup Properties Price Performance

NYSE EGP traded down $2.59 during trading hours on Friday, reaching $183.76. The company’s stock had a trading volume of 140,716 shares, compared to its average volume of 282,304. The stock has a market cap of $8.85 billion, a PE ratio of 39.86, a PEG ratio of 2.96 and a beta of 0.99. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $192.61. The company’s 50-day moving average is $182.66 and its two-hundred day moving average is $174.22. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

EastGroup Properties (NYSE:EGP) last released its 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 8.69%. EastGroup Properties’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter last year, the company posted $1.89 earnings per share. Analysts forecast that EastGroup Properties, Inc. will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.05%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date is Monday, September 30th. EastGroup Properties’s payout ratio is 121.48%.

Institutional Trading of EastGroup Properties

A number of hedge funds have recently made changes to their positions in EGP. Victory Capital Management Inc. increased its stake in shares of EastGroup Properties by 3.5% in the fourth quarter. Victory Capital Management Inc. now owns 8,471 shares of the real estate investment trust’s stock worth $1,555,000 after buying an additional 283 shares during the last quarter. Metis Global Partners LLC boosted its holdings in EastGroup Properties by 15.9% in the fourth quarter. Metis Global Partners LLC now owns 3,086 shares of the real estate investment trust’s stock worth $566,000 after purchasing an additional 424 shares during the period. Charles Schwab Investment Management Inc. increased its stake in EastGroup Properties by 5.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 584,851 shares of the real estate investment trust’s stock valued at $107,344,000 after purchasing an additional 30,136 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of EastGroup Properties during the fourth quarter worth $69,000. Finally, Versor Investments LP bought a new position in shares of EastGroup Properties in the 4th quarter worth about $447,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

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.