Shares of EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the fourteen analysts that are currently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $189.3077.
A number of analysts recently issued reports on the stock. Wells Fargo & Company set a $215.00 price target on shares of EastGroup Properties and gave the stock an "overweight" rating in a report on Sunday, July 13th. Royal Bank Of Canada reduced their price target on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. Truist Financial reduced their price objective on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Finally, Barclays cut their price objective on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th.
View Our Latest Report on EastGroup Properties
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the stock. Cohen & Steers Inc. grew its holdings in EastGroup Properties by 141.6% during the fourth quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock worth $458,347,000 after acquiring an additional 1,673,663 shares during the period. Nuveen LLC acquired a new position in EastGroup Properties during the first quarter worth $190,456,000. Principal Financial Group Inc. grew its holdings in EastGroup Properties by 234.7% during the first quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after acquiring an additional 856,971 shares during the period. Cbre Investment Management Listed Real Assets LLC grew its holdings in EastGroup Properties by 1,058.6% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 621,303 shares of the real estate investment trust's stock worth $109,443,000 after acquiring an additional 567,678 shares during the period. Finally, Northern Trust Corp grew its holdings in EastGroup Properties by 91.3% during the fourth quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust's stock worth $130,189,000 after acquiring an additional 387,134 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.
EastGroup Properties Stock Performance
NYSE:EGP traded up $2.15 during trading hours on Friday, hitting $164.12. 47,427 shares of the company were exchanged, compared to its average volume of 438,395. The stock has a market capitalization of $8.75 billion, a price-to-earnings ratio of 35.43, a PEG ratio of 3.30 and a beta of 0.98. EastGroup Properties has a 52-week low of $137.67 and a 52-week high of $192.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.16 and a quick ratio of 0.16. The company's 50 day moving average price is $168.31 and its 200-day moving average price is $169.80.
EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.01. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The firm had revenue of $177.29 million for the quarter, compared to the consensus estimate of $175.80 million. During the same period in the prior year, the firm posted $2.05 earnings per share. The firm's quarterly revenue was up 11.4% compared to the same quarter last year. As a group, research analysts forecast that EastGroup Properties will post 8.94 earnings per share for the current year.
EastGroup Properties Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $1.40 dividend. The ex-dividend date was Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a yield of 3.4%. EastGroup Properties's payout ratio is currently 120.95%.
About EastGroup Properties
(
Get Free Report)
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.
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