Brokerages Set EastGroup Properties, Inc. (NYSE:EGP) Target Price at $191.56

Shares of EastGroup Properties, Inc. (NYSE:EGP) have earned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are currently covering the company, Marketbeat reports. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $190.88.

A number of analysts recently weighed in on EGP shares. Wells Fargo & Company reduced their target price on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Royal Bank of Canada restated a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a report on Wednesday, October 30th. Truist Financial decreased their price target on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $185.00 to $200.00 in a research note on Wednesday, December 11th. Finally, KeyCorp reissued a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC boosted its holdings in EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 208 shares during the period. Headlands Technologies LLC bought a new stake in EastGroup Properties during the 2nd quarter valued at approximately $66,000. American Century Companies Inc. grew its holdings in EastGroup Properties by 3.3% in the 2nd quarter. American Century Companies Inc. now owns 170,461 shares of the real estate investment trust’s stock valued at $28,995,000 after buying an additional 5,416 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in EastGroup Properties by 5.0% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 29,868 shares of the real estate investment trust’s stock worth $4,994,000 after buying an additional 1,425 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of EastGroup Properties by 7.1% during the second quarter. Federated Hermes Inc. now owns 7,346 shares of the real estate investment trust’s stock worth $1,250,000 after buying an additional 486 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 NYSE EGP opened at $161.56 on Monday. EastGroup Properties has a 1 year low of $155.10 and a 1 year high of $192.61. The firm has a market cap of $8.00 billion, a P/E ratio of 33.38, a PEG ratio of 2.23 and a beta of 1.00. The stock has a fifty day moving average price of $167.21 and a two-hundred day moving average price of $177.05. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. During the same quarter last year, the firm posted $1.95 earnings per share. EastGroup Properties’s revenue was up 11.2% compared to the same quarter last year. Research analysts forecast that EastGroup Properties will post 8.35 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date was Tuesday, December 31st. EastGroup Properties’s payout ratio is 115.70%.

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.