Barclays Raises EastGroup Properties (NYSE:EGP) Price Target to $198.00

EastGroup Properties (NYSE:EGP) had its target price raised by Barclays from $175.00 to $198.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

A number of other brokerages have also issued reports on EGP. Mizuho decreased their price objective on EastGroup Properties from $185.00 to $175.00 and set a neutral rating for the company in a report on Friday, May 31st. Robert W. Baird decreased their price objective on EastGroup Properties from $195.00 to $175.00 and set an outperform rating for the company in a report on Wednesday, May 1st. BMO Capital Markets initiated coverage on EastGroup Properties in a report on Monday, April 22nd. They issued an outperform rating and a $190.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on EastGroup Properties from $190.00 to $183.00 and set a neutral rating for the company in a report on Thursday, May 2nd. Finally, Piper Sandler decreased their price objective on EastGroup Properties from $215.00 to $200.00 and set an overweight rating for the company in a report on Monday, April 29th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $186.07.

EastGroup Properties Trading Down 1.4 %

Shares of NYSE EGP opened at $185.83 on Tuesday. The stock’s 50 day moving average price is $173.80 and its two-hundred day moving average price is $173.77. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $192.61. The stock has a market capitalization of $9.06 billion, a P/E ratio of 40.31, a PEG ratio of 2.91 and a beta of 0.98. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The company had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.89 earnings per share. On average, analysts anticipate that EastGroup Properties will post 8.3 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.73%. The ex-dividend date was Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EGP. Norges Bank bought a new position in EastGroup Properties in the 4th quarter worth approximately $103,931,000. Boston Partners grew its holdings in EastGroup Properties by 42.7% during the 4th quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock worth $138,813,000 after acquiring an additional 226,169 shares during the period. Vanguard Group Inc. grew its holdings in EastGroup Properties by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after acquiring an additional 210,207 shares during the period. Ceredex Value Advisors LLC acquired a new stake in EastGroup Properties during the 2nd quarter worth $35,131,000. Finally, Zimmer Partners LP grew its holdings in EastGroup Properties by 465.6% during the 1st quarter. Zimmer Partners LP now owns 200,558 shares of the real estate investment trust’s stock worth $36,054,000 after acquiring an additional 165,100 shares during the period. Institutional investors own 92.14% of the company’s stock.

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.