EastGroup Properties, Inc. (NYSE:EGP) Receives $191.56 Consensus Target Price from Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have received a consensus rating of “Moderate Buy” from the seventeen research firms that are presently covering the stock, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $190.88.

EGP has been the topic of several research reports. Wedbush reaffirmed an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a research report on Friday, October 25th. StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, October 28th. Evercore ISI increased their price objective on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Truist Financial reduced their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Finally, Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $161.35 on Monday. EastGroup Properties has a twelve month low of $155.10 and a twelve month 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. The firm has a 50-day moving average of $166.46 and a two-hundred day moving average of $176.87. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of 33.34, a PEG ratio of 1.88 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 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 analysts’ expectations of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. EastGroup Properties’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.95 earnings per share. As a group, analysts expect that EastGroup Properties will post 8.34 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.40 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.47%. EastGroup Properties’s dividend payout ratio (DPR) is 115.70%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. FMR LLC increased its stake in shares of EastGroup Properties by 67.9% in 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of EastGroup Properties by 355.1% during the third 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 during the last quarter. Millennium Management LLC lifted its holdings in shares of 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. Vision Capital Corp bought a new stake in shares of EastGroup Properties in the third quarter worth $18,308,000. Finally, Thrivent Financial for Lutherans increased its holdings in EastGroup Properties by 73.7% in the second quarter. Thrivent Financial for Lutherans now owns 151,103 shares of the real estate investment trust’s stock valued at $25,702,000 after purchasing an additional 64,099 shares during the period. 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.