EastGroup Properties’ (EGP) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of EastGroup Properties (NYSE:EGP) in a research report report published on Wednesday, Benzinga reports. Royal Bank of Canada currently has a $186.00 price target on the real estate investment trust’s stock.

A number of other research analysts have also commented on the company. Morgan Stanley increased their price target on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Wedbush reiterated an “outperform” rating and set a $209.00 target price on shares of EastGroup Properties in a report on Friday, October 25th. Wells Fargo & Company upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $179.00 to $214.00 in a research report on Wednesday, August 28th. Truist Financial increased their target price on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, KeyCorp lifted their price target on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $192.57.

EastGroup Properties Stock Performance

Shares of NYSE EGP opened at $171.30 on Wednesday. The company has a market cap of $8.48 billion, a P/E ratio of 35.39, a P/E/G ratio of 2.60 and a beta of 0.99. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties has a 12 month low of $155.23 and a 12 month high of $192.61. The business’s 50 day moving average is $182.93 and its two-hundred day moving average is $175.46.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same quarter in the prior year, the company earned $1.95 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. On average, equities analysts expect that EastGroup Properties will post 8.34 EPS for the current year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.40 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.27%. EastGroup Properties’s payout ratio is currently 115.70%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EGP. Atria Investments Inc raised its position in EastGroup Properties by 6.1% in the third quarter. Atria Investments Inc now owns 13,351 shares of the real estate investment trust’s stock valued at $2,494,000 after purchasing an additional 763 shares during the last quarter. Van ECK Associates Corp raised its holdings in EastGroup Properties by 13.8% in the 3rd quarter. Van ECK Associates Corp now owns 20,448 shares of the real estate investment trust’s stock valued at $3,705,000 after buying an additional 2,481 shares during the last quarter. New York State Common Retirement Fund raised its holdings in EastGroup Properties by 6.4% in the 3rd quarter. New York State Common Retirement Fund now owns 203,806 shares of the real estate investment trust’s stock valued at $38,075,000 after buying an additional 12,234 shares during the last quarter. abrdn plc boosted its position in EastGroup Properties by 10.3% during the 3rd quarter. abrdn plc now owns 9,913 shares of the real estate investment trust’s stock worth $1,852,000 after buying an additional 924 shares during the period. Finally, J.W. Cole Advisors Inc. bought a new stake in EastGroup Properties during the 3rd quarter worth approximately $754,000. 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.