EastGroup Properties’ (EGP) Sector Weight Rating Reiterated at KeyCorp

KeyCorp reaffirmed their sector weight rating on shares of EastGroup Properties (NYSE:EGP) in a report issued on Tuesday, MarketBeat.com reports.

Other analysts have also issued reports about the stock. Evercore ISI upped their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. Raymond James upgraded shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th. Wells Fargo & Company cut their target price on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. StockNews.com cut EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 price target on shares of EastGroup Properties in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and an average target price of $191.80.

EastGroup Properties Stock Down 1.5 %

EGP stock opened at $158.74 on Tuesday. The firm’s 50-day moving average is $173.40 and its two-hundred day moving average is $177.72. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 32.80, a price-to-earnings-growth ratio of 2.22 and a beta of 0.99. EastGroup Properties has a 52 week low of $155.23 and a 52 week high of $192.61. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. EastGroup Properties’s revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.95 earnings per share. On average, analysts forecast that EastGroup Properties will post 8.36 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.40 per share. The ex-dividend date is Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.53%. EastGroup Properties’s dividend payout ratio is currently 115.70%.

Institutional Investors Weigh In On EastGroup Properties

A number of large investors have recently bought and sold shares of the business. FMR LLC raised its holdings in EastGroup Properties by 67.9% during the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock valued at $291,081,000 after buying an additional 629,827 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of EastGroup Properties by 355.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust’s stock valued at $73,158,000 after acquiring an additional 305,555 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in EastGroup Properties in the 2nd quarter worth approximately $35,131,000. Millennium Management LLC boosted its position in EastGroup Properties by 202.1% during the second quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust’s stock worth $32,036,000 after purchasing an additional 125,991 shares during the period. Finally, Vision Capital Corp acquired a new position in EastGroup Properties during the third quarter valued at approximately $18,308,000. 92.14% of the stock is currently owned by institutional investors.

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.