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

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the sixteen research firms that are presently covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $187.81.

EGP has been the subject of several research analyst reports. Evercore ISI lifted their price target on EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research note on Thursday. StockNews.com upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday. Raymond James set a $190.00 target price on EastGroup Properties and gave the stock a "strong-buy" rating in a research note on Monday, April 14th. Piper Sandler decreased their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Finally, Morgan Stanley cut their price objective on shares of EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating for the company in a research note on Monday, December 30th.

Institutional Investors Weigh In On EastGroup Properties

A number of large investors have recently made changes to their positions in EGP. Franklin Resources Inc. raised its holdings in shares of EastGroup Properties by 337.0% during the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust's stock valued at $8,728,000 after acquiring an additional 37,863 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in EastGroup Properties by 20.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust's stock worth $261,000 after purchasing an additional 275 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in EastGroup Properties by 5.5% in the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock worth $72,610,000 after purchasing an additional 23,626 shares in the last quarter. BankPlus Trust Department bought a new stake in shares of EastGroup Properties during the 4th quarter valued at about $1,871,000. Finally, Nordea Investment Management AB boosted its stake in shares of EastGroup Properties by 6.1% during the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust's stock valued at $11,667,000 after purchasing an additional 4,176 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Price Performance

Shares of EGP stock traded down $0.39 during trading on Wednesday, hitting $162.59. The company had a trading volume of 111,748 shares, compared to its average volume of 366,475. EastGroup Properties has a 52 week low of $137.67 and a 52 week high of $192.61. The stock has a market capitalization of $8.50 billion, a price-to-earnings ratio of 34.92, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The stock's 50-day moving average is $171.05 and its two-hundred day moving average is $170.59.

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 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 firm had revenue of $174.45 million for the quarter, compared to analyst estimates of $169.67 million. As a group, analysts predict that EastGroup Properties will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date was Monday, March 31st. EastGroup Properties's payout ratio 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.