EastGroup Properties, Inc. (NYSE:EGP) Receives $188.13 Average Price Target from Brokerages

EastGroup Properties, Inc. (NYSE:EGP) has been given a consensus recommendation of “Moderate Buy” by the sixteen brokerages that are covering the firm, Marketbeat.com reports. Eight analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $187.81.

Several brokerages recently issued reports on EGP. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their price target for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd. Piper Sandler reduced their target price on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. StockNews.com cut EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Saturday, April 19th. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research note on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price target on the stock. Finally, Truist Financial raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Thursday, April 10th.

Hedge Funds Weigh In On EastGroup Properties

A number of hedge funds have recently added to or reduced their stakes in EGP. Mather Group LLC. increased its holdings in shares of EastGroup Properties by 74.2% in the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust’s stock worth $64,000 after purchasing an additional 155 shares in the last quarter. New York State Teachers Retirement System increased its holdings in EastGroup Properties by 0.9% in the 1st quarter. New York State Teachers Retirement System now owns 53,630 shares of the real estate investment trust’s stock worth $9,447,000 after buying an additional 500 shares in the last quarter. Amalgamated Bank raised its position in EastGroup Properties by 1.0% in the 1st quarter. Amalgamated Bank now owns 23,673 shares of the real estate investment trust’s stock worth $4,170,000 after buying an additional 234 shares during the last quarter. Citizens National Bank Trust Department purchased a new position in EastGroup Properties in the 1st quarter worth about $26,000. Finally, KBC Group NV boosted its holdings in shares of EastGroup Properties by 3.5% during the 1st quarter. KBC Group NV now owns 2,058 shares of the real estate investment trust’s stock valued at $363,000 after acquiring an additional 69 shares during the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Trading Up 0.2 %

NYSE EGP opened at $163.18 on Wednesday. The stock has a market cap of $8.53 billion, a P/E ratio of 35.09, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. EastGroup Properties has a fifty-two week low of $137.67 and a fifty-two week high of $192.61. The stock has a 50 day simple moving average of $171.05 and a two-hundred day simple moving average of $170.68. 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 (NYSE:EGP) last announced its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.01. The company had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. On average, analysts forecast that EastGroup Properties will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties’s payout ratio is 122.54%.

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.