Brokerages Set EastGroup Properties, Inc. (NYSE:EGP) PT at $188.00

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the fourteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $188.00.

EGP has been the subject of a number of research analyst reports. Royal Bank Of Canada decreased their price target on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a report on Tuesday, April 29th. Raymond James Financial reissued a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Barclays reduced their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Finally, Robert W. Baird reduced their target price on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of EastGroup Properties by 3.7% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 13,574 shares of the real estate investment trust's stock valued at $2,268,000 after purchasing an additional 480 shares during the period. Voya Investment Management LLC grew its position in shares of EastGroup Properties by 29.1% in the first quarter. Voya Investment Management LLC now owns 22,968 shares of the real estate investment trust's stock valued at $4,046,000 after purchasing an additional 5,172 shares during the period. BROOKFIELD Corp ON grew its position in shares of EastGroup Properties by 2,832.2% in the first quarter. BROOKFIELD Corp ON now owns 109,429 shares of the real estate investment trust's stock valued at $19,276,000 after purchasing an additional 105,697 shares during the period. Nicola Wealth Management LTD. acquired a new stake in shares of EastGroup Properties in the first quarter valued at about $705,000. Finally, Osterweis Capital Management Inc. grew its position in shares of EastGroup Properties by 1.3% in the first quarter. Osterweis Capital Management Inc. now owns 212,509 shares of the real estate investment trust's stock valued at $37,433,000 after purchasing an additional 2,689 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Performance

Shares of NYSE EGP traded down $0.34 during midday trading on Monday, reaching $166.50. The company had a trading volume of 920,341 shares, compared to its average volume of 382,601. The business's 50-day simple moving average is $169.33 and its 200 day simple moving average is $169.13. The stock has a market cap of $8.74 billion, a P/E ratio of 36.43, a P/E/G ratio of 3.69 and a beta of 1.01. EastGroup Properties has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.43.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.11 by $0.01. The business had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. EastGroup Properties had a net margin of 34.60% and a return on equity of 7.41%. The business's quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the company posted $1.98 earnings per share. On average, analysts forecast that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.36%. 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.