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

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) has received an average recommendation of "Moderate Buy" from the fourteen ratings firms that are 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 given a strong buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $188.00.

Several equities research analysts have recently issued reports on EGP shares. Evercore ISI raised their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a report on Thursday, April 24th. Wells Fargo & Company lowered their target price on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Piper Sandler lowered their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Robert W. Baird lowered 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. Finally, Truist Financial lowered their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a report on Monday, May 5th.

EastGroup Properties Price Performance

EGP traded down $1.18 during trading on Thursday, hitting $170.87. 260,417 shares of the company traded hands, compared to its average volume of 375,394. EastGroup Properties has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a market cap of $8.97 billion, a PE ratio of 36.75, a P/E/G ratio of 3.35 and a beta of 1.02. The stock's 50-day simple moving average is $165.16 and its two-hundred day simple moving average is $168.94. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping analysts' consensus estimates of $2.11 by $0.01. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The business had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. During the same period last year, the company posted $1.98 EPS. The business's revenue was up 13.1% on a year-over-year basis. As a group, sell-side analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Monday, June 30th. EastGroup Properties's dividend payout ratio (DPR) is 122.54%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in EGP. Citizens National Bank Trust Department purchased a new stake in EastGroup Properties during the 1st quarter worth approximately $26,000. Assetmark Inc. boosted its holdings in shares of EastGroup Properties by 1,035.7% in the 1st quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock valued at $28,000 after acquiring an additional 145 shares during the last quarter. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties in the 4th quarter valued at $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties in the 4th quarter valued at $30,000. Finally, Mather Group LLC. lifted its stake in shares of EastGroup Properties by 74.2% in the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock valued at $64,000 after purchasing an additional 155 shares during the period. Hedge funds and other 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.