EastGroup Properties, Inc. (NYSE:EGP) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analysts rate EastGroup Properties a "Moderate Buy" — 16 firms cover the stock (10 buy, 5 hold, 1 strong buy) with an average 1‑year price target of $200.18.
• Dividend declared: quarterly payment of $1.55 ($6.20 annualized) for a yield of 3.3%, ex‑dividend March 31 and payable April 15 (payout ratio ~127%).
• Heavy institutional ownership at ~92.14%; the stock has a market cap of $10.11B, P/E of 38.93, and a 12‑month range of $137.67–$197.95.

Shares of EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the sixteen research firms that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $200.1765.

EGP has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft cut shares of EastGroup Properties from a "buy" rating to a "hold" rating and set a $185.00 target price on the stock. in a research note on Monday, January 5th. Citigroup upped their target price on shares of EastGroup Properties from $210.00 to $220.00 and gave the company a "buy" rating in a research note on Wednesday, February 11th. Truist Financial boosted their price target on shares of EastGroup Properties from $203.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, February 17th. Cantor Fitzgerald boosted their price target on shares of EastGroup Properties from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, February 6th. Finally, Royal Bank Of Canada boosted their price target on shares of EastGroup Properties from $183.00 to $195.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 18th.

Hedge Funds Weigh In On EastGroup Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Aptus Capital Advisors LLC boosted its position in EastGroup Properties by 15.1% in the third quarter. Aptus Capital Advisors LLC now owns 54,849 shares of the real estate investment trust's stock valued at $9,284,000 after buying an additional 7,212 shares in the last quarter. Principal Financial Group Inc. boosted its position in EastGroup Properties by 43.5% in the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust's stock valued at $336,076,000 after buying an additional 602,253 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of EastGroup Properties by 13.4% during the third quarter. Nordea Investment Management AB now owns 82,533 shares of the real estate investment trust's stock worth $13,912,000 after purchasing an additional 9,776 shares in the last quarter. Citigroup Inc. lifted its position in shares of EastGroup Properties by 38.3% during the third quarter. Citigroup Inc. now owns 61,461 shares of the real estate investment trust's stock worth $10,403,000 after purchasing an additional 17,009 shares in the last quarter. Finally, APG Asset Management US Inc. lifted its position in shares of EastGroup Properties by 11.9% during the third quarter. APG Asset Management US Inc. now owns 300,159 shares of the real estate investment trust's stock worth $51,660,000 after purchasing an additional 31,805 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

NYSE EGP opened at $189.58 on Wednesday. The stock has a market cap of $10.11 billion, a P/E ratio of 38.93, a PEG ratio of 3.07 and a beta of 1.09. The company's 50-day simple moving average is $188.36 and its 200 day simple moving average is $181.75. EastGroup Properties has a twelve month low of $137.67 and a twelve month high of $197.95. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a $1.55 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $6.20 dividend on an annualized basis and a yield of 3.3%. EastGroup Properties's payout ratio is 127.31%.

About EastGroup Properties

EastGroup Properties, Inc NYSE: EGP is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company's portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.

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