EastGroup Properties, Inc. (NYSE:EGP) Receives $187.40 Consensus Target Price from Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) have received a consensus rating of "Moderate Buy" from the fifteen brokerages that are presently covering the company, MarketBeat reports. Seven analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $186.60.

A number of equities research analysts have recently issued reports on the stock. Truist Financial cut their price objective on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Piper Sandler cut their price objective on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Evercore ISI boosted their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research report on Thursday, April 24th. Robert W. Baird cut their price objective on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Finally, Royal Bank of Canada cut their price objective on shares of 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.

Institutional Trading of EastGroup Properties

Hedge funds have recently made changes to their positions in the business. Citizens National Bank Trust Department purchased a new position in EastGroup Properties during the first quarter worth $26,000. Assetmark Inc. raised its position in EastGroup Properties by 1,035.7% in the 1st quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust's stock worth $28,000 after purchasing an additional 145 shares during the period. Crowley Wealth Management Inc. purchased a new stake in EastGroup Properties in the 4th quarter worth about $29,000. Canton Hathaway LLC purchased a new stake in EastGroup Properties in the 4th quarter worth about $30,000. Finally, Thurston Springer Miller Herd & Titak Inc. raised its position in EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock worth $58,000 after purchasing an additional 302 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

EGP traded down $4.52 during mid-day trading on Friday, reaching $166.60. 276,859 shares of the company traded hands, compared to its average volume of 371,583. The stock has a market capitalization of $8.75 billion, a P/E ratio of 35.83, a P/E/G ratio of 3.35 and a beta of 1.05. 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 company's fifty day moving average price is $166.26 and its 200-day moving average price is $169.44. EastGroup Properties has a 52-week low of $137.67 and a 52-week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating analysts' consensus estimates of $2.11 by $0.01. The business had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The company's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.98 EPS. On average, sell-side analysts expect that EastGroup Properties will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties's dividend 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.