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

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been given an average recommendation of “Moderate Buy” by the seventeen analysts that are covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $190.88.

Several research firms have recently issued reports on EGP. Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 price target on shares of EastGroup Properties in a research report on Wednesday, October 30th. Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their target price for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Wedbush restated an “outperform” rating and set a $209.00 target price on shares of EastGroup Properties in a research report on Friday, October 25th. Wells Fargo & Company reduced their price target on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, Truist Financial dropped their price objective on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a report on Wednesday, November 13th.

Institutional Investors Weigh In On EastGroup Properties

A number of large investors have recently added to or reduced their stakes in EGP. Crowley Wealth Management Inc. purchased a new position in shares of EastGroup Properties during the 4th quarter valued at about $29,000. Canton Hathaway LLC bought a new position in EastGroup Properties during the fourth quarter valued at approximately $30,000. V Square Quantitative Management LLC raised its stake in shares of EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 61 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake 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 acquiring an additional 302 shares in the last quarter. Finally, Principal Securities Inc. lifted its holdings in shares of EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after acquiring an additional 84 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

NYSE:EGP opened at $180.55 on Friday. The company has a market capitalization of $8.94 billion, a P/E ratio of 38.83, a P/E/G ratio of 3.23 and a beta of 1.00. The business has a fifty day simple moving average of $166.30 and a two-hundred day simple moving average of $175.52. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. EastGroup Properties has a 1 year low of $155.10 and a 1 year high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 8.27% and a net margin of 35.57%. On average, analysts expect that EastGroup Properties will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The company also recently announced 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 3.10%. EastGroup Properties’s dividend payout ratio is presently 120.43%.

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.