EastGroup Properties, Inc. (NYSE:EGP) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have received an average rating of “Moderate Buy” from the seventeen ratings firms that are currently covering the stock, Marketbeat.com reports. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $190.47.

A number of research analysts have commented on EGP shares. Deutsche Bank Aktiengesellschaft assumed coverage on EastGroup Properties in a research report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price objective on the stock. Evercore ISI reiterated an “in-line” rating and issued a $185.00 price target (up previously from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th. Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and raised their target price for the company from $174.00 to $194.00 in a research note on Thursday, January 2nd. Finally, StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Monday, February 10th.

EastGroup Properties Stock Performance

Shares of NYSE:EGP opened at $176.19 on Friday. The business has a fifty day moving average of $176.92 and a 200-day moving average of $174.59. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. EastGroup Properties has a twelve month low of $155.10 and a twelve month high of $192.61. The firm has a market cap of $9.17 billion, a PE ratio of 37.89, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. On average, equities research analysts predict that EastGroup Properties will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.18%. EastGroup Properties’s payout ratio is 120.43%.

Institutional Investors Weigh In On EastGroup Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in EGP. Crowley Wealth Management Inc. acquired a new position in EastGroup Properties in the 4th quarter worth $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties during the fourth quarter worth about $30,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 302 shares in the last quarter. Principal Securities Inc. raised its position in EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after buying an additional 84 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in EastGroup Properties by 18.7% in the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after buying an additional 95 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.