EastGroup Properties, Inc. (NYSE:EGP) Receives Average Recommendation of "Moderate Buy" from Brokerages

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

Several research analysts have commented on the stock. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Evercore ISI increased their target price on EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. Piper Sandler cut their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Royal Bank Of Canada lowered their price objective on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Finally, Barclays cut their target price on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 30th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Voya Investment Management LLC grew its holdings in shares of EastGroup Properties by 29.1% during the first quarter. Voya Investment Management LLC now owns 22,968 shares of the real estate investment trust's stock worth $4,046,000 after buying an additional 5,172 shares during the last quarter. BROOKFIELD Corp ON grew its stake in shares of EastGroup Properties by 2,832.2% in the 1st 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 last quarter. Nicola Wealth Management LTD. acquired a new position in shares of EastGroup Properties in the first quarter valued at approximately $705,000. Osterweis Capital Management Inc. increased its holdings 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. Finally, Strs Ohio purchased a new stake in shares of EastGroup Properties during the first quarter worth approximately $25,954,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Down 1.5%

Shares of EastGroup Properties stock traded down $2.62 during trading hours on Monday, reaching $167.26. 299,107 shares of the company were exchanged, compared to its average volume of 432,634. The firm has a market cap of $8.78 billion, a PE ratio of 36.60, a PEG ratio of 3.76 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.12 and a current ratio of 0.12. EastGroup Properties has a 1 year low of $137.67 and a 1 year high of $192.61. The stock's fifty day moving average is $169.05 and its 200 day moving average is $169.07.

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

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $1.40 dividend. The ex-dividend date is Monday, June 30th. This represents a $5.60 annualized dividend and a yield of 3.35%. EastGroup Properties's dividend payout ratio (DPR) is 122.54%.

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.