EastGroup Properties (NYSE:EGP) Given New $183.00 Price Target at Royal Bank of Canada

EastGroup Properties (NYSE:EGP - Free Report) had its price target cut by Royal Bank of Canada from $189.00 to $183.00 in a report released on Tuesday,Benzinga reports. They currently have a sector perform rating on the real estate investment trust's stock.

Several other analysts have also recently commented on EGP. Jefferies Financial Group upgraded shares of EastGroup Properties from a "hold" rating to a "buy" rating and raised their price objective for the company from $174.00 to $194.00 in a research note on Thursday, January 2nd. Truist Financial raised EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a research note on Thursday, April 10th. StockNews.com raised EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Raymond James set a $190.00 target price on shares of EastGroup Properties and gave the company a "strong-buy" rating in a report on Monday, April 14th. Finally, Robert W. Baird lifted their price objective on EastGroup Properties from $192.00 to $194.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. Nine equities 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $186.94.

EastGroup Properties Stock Performance

Shares of NYSE:EGP traded up $2.51 during midday trading on Tuesday, hitting $166.59. The stock had a trading volume of 72,856 shares, compared to its average volume of 368,826. EastGroup Properties has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. The stock has a 50 day moving average price of $169.74 and a two-hundred day moving average price of $170.30. The company has a market capitalization of $8.75 billion, a PE ratio of 35.88, a P/E/G ratio of 3.35 and a beta of 0.94.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $169.67 million. During the same quarter last year, the firm earned $1.98 earnings per share. The firm's revenue was up 13.1% compared to the same quarter last year. As a group, equities analysts predict that EastGroup Properties will post 8.94 earnings per share for the current fiscal 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 paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.36%. EastGroup Properties's dividend payout ratio is presently 122.54%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Citizens National Bank Trust Department purchased a new position in shares of EastGroup Properties during the 1st quarter valued at approximately $26,000. Crowley Wealth Management Inc. bought a new stake in EastGroup Properties in the fourth quarter valued at about $29,000. Canton Hathaway LLC bought a new position in EastGroup Properties during the 4th quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of 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 valued at $58,000 after acquiring an additional 302 shares during the last quarter. Finally, Mather Group LLC. lifted its stake in EastGroup Properties by 74.2% during the first quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after purchasing an additional 155 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

About EastGroup Properties

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.