EastGroup Properties, Inc. (NYSE:EGP) Receives Consensus Rating of “Moderate Buy” from Analysts

EastGroup Properties, Inc. (NYSE:EGP) has earned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $200.1765.

A number of research analysts recently weighed in on the company. Robert W. Baird set a $203.00 price objective on EastGroup Properties in a report on Wednesday, February 11th. Morgan Stanley set a $205.00 target price on EastGroup Properties in a report on Friday, January 16th. Deutsche Bank Aktiengesellschaft lowered shares of EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 target price on the stock. in a research report on Monday, January 5th. Mizuho reaffirmed a “neutral” rating and set a $172.00 price target (down from $180.00) on shares of EastGroup Properties in a research note on Thursday, December 4th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of EastGroup Properties in a report on Monday, December 29th.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in EastGroup Properties during the fourth quarter worth $281,054,000. Principal Financial Group Inc. grew its holdings in EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock valued at $336,076,000 after purchasing an additional 602,253 shares during the last quarter. Invesco Ltd. increased its position in shares of EastGroup Properties by 89.5% in the second quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock valued at $155,015,000 after buying an additional 438,117 shares in the last quarter. Alyeska Investment Group L.P. increased its position in shares of EastGroup Properties by 98.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 566,295 shares of the real estate investment trust’s stock valued at $100,880,000 after buying an additional 280,819 shares in the last quarter. Finally, Centersquare Investment Management LLC raised its stake in shares of EastGroup Properties by 619.9% during the 3rd quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock worth $50,324,000 after buying an additional 256,019 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $188.18 on Friday. The company has a market cap of $10.04 billion, a price-to-earnings ratio of 38.64, a price-to-earnings-growth ratio of 3.11 and a beta of 1.10. The stock has a 50 day simple moving average of $187.82 and a 200-day simple moving average of $179.80. EastGroup Properties has a 12-month low of $137.67 and a 12-month high of $197.95. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, March 31st. EastGroup Properties’s dividend payout ratio is presently 127.31%.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.