EastGroup Properties (NYSE:EGP) Sets New 12-Month High – Here’s Why

Shares of EastGroup Properties, Inc. (NYSE:EGP) hit a new 52-week high on Thursday . The stock traded as high as $210.07 and last traded at $207.6860, with a volume of 21048 shares trading hands. The stock had previously closed at $205.46.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on EGP shares. Morgan Stanley upped their target price on shares of EastGroup Properties from $215.00 to $231.00 and gave the company an “equal weight” rating in a report on Wednesday, May 27th. Truist Financial boosted their price objective on shares of EastGroup Properties from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Cantor Fitzgerald reissued an “overweight” rating and set a $217.00 price objective on shares of EastGroup Properties in a research note on Monday, April 27th. Royal Bank Of Canada upped their price objective on shares of EastGroup Properties from $195.00 to $208.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 28th. Finally, Robert W. Baird raised their target price on shares of EastGroup Properties from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $211.59.

EastGroup Properties Price Performance

The stock has a market cap of $11.35 billion, a PE ratio of 38.38, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.45. The company’s fifty day moving average is $202.67 and its 200 day moving average is $192.66.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.50. EastGroup Properties had a net margin of 39.69% and a return on equity of 8.37%. The company had revenue of $190.26 million during the quarter, compared to the consensus estimate of $193.84 million. During the same period in the previous year, the firm earned $2.15 earnings per share. EastGroup Properties’s revenue for the quarter was up 9.1% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. As a group, sell-side analysts anticipate that EastGroup Properties, Inc. will post 9.58 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, June 30th. EastGroup Properties’s dividend payout ratio is 112.73%.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $195.77, for a total value of $98,668.08. Following the transaction, the director directly owned 3,531 shares of the company’s stock, valued at $691,263.87. This trade represents a 12.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On EastGroup Properties

Large investors have recently modified their holdings of the stock. Cohen & Steers Inc. raised its holdings in shares of EastGroup Properties by 7.0% during the 4th quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock valued at $545,746,000 after buying an additional 200,617 shares during the period. State Street Corp boosted its holdings in EastGroup Properties by 0.6% in the 3rd quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust’s stock worth $458,320,000 after acquiring an additional 15,918 shares during the period. Principal Financial Group Inc. boosted its holdings in EastGroup Properties by 1.1% in the 1st quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust’s stock worth $431,028,000 after acquiring an additional 24,910 shares during the period. Norges Bank acquired a new stake in EastGroup Properties in the fourth quarter valued at approximately $281,054,000. Finally, Boston Partners grew its position in EastGroup Properties by 2.1% in the third quarter. Boston Partners now owns 1,204,211 shares of the real estate investment trust’s stock valued at $203,834,000 after acquiring an additional 25,055 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

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.