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

EastGroup Properties, Inc. (NYSE:EGP) has earned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the firm, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $190.47.

EGP has been the subject of a number of analyst reports. Robert W. Baird boosted their price target on EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Evercore ISI restated an “in-line” rating and issued a $185.00 target price (up from $181.00) on shares of EastGroup Properties in a research report on Monday, March 17th. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and increased their price target for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. Morgan Stanley lowered their price objective on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research report on Monday, December 30th. Finally, Truist Financial raised their target price on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a report on Friday, February 14th.

EastGroup Properties Stock Performance

Shares of NYSE:EGP opened at $160.59 on Friday. EastGroup Properties has a 12-month low of $155.10 and a 12-month high of $192.61. The company’s 50 day moving average price is $177.24 and its two-hundred day moving average price is $174.05. The firm has a market cap of $8.35 billion, a PE ratio of 34.54, a PEG ratio of 3.35 and a beta of 0.94. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. Equities research analysts predict that EastGroup Properties will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.49%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s dividend payout ratio is currently 120.43%.

Institutional Investors Weigh In On EastGroup Properties

A number of institutional investors have recently made changes to their positions in the stock. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties in the fourth quarter worth approximately $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties in the 4th quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock valued at $58,000 after purchasing an additional 302 shares during the last quarter. Principal Securities Inc. increased its position in shares of EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 84 shares during the period. Finally, Versant Capital Management Inc raised its stake in EastGroup Properties by 18.7% during the fourth quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock worth $97,000 after buying an additional 95 shares during the last quarter. 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.