EastGroup Properties, Inc. (NYSE: EGP), an S&P MidCap 400 company, 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. The Company's goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 15,000 to 70,000 square foot range). The Company's strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup's portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 45.8 million square feet.
Analyst Ratings Changes
Several equities research analysts have issued reports on the stock. Mizuho lowered their price target on shares of EastGroup Properties from $215.00 to $180.00 and set a "na" rating on the stock in a report on Tuesday, May 17th. Piper Sandler dropped their target price on shares of EastGroup Properties to $200.00 in a research report on Monday, July 4th. Truist Financial reduced their price objective on EastGroup Properties from $200.00 to $175.00 and set a "hold" rating on the stock in a research note on Tuesday, May 31st. Morgan Stanley lowered their price target on shares of EastGroup Properties from $215.00 to $195.00 and set an "equal weight" rating for the company in a report on Monday, August 1st. Finally, Jefferies Financial Group reduced their price objective on EastGroup Properties from $200.00 to $144.00 and set a "hold" rating on the stock in a report on Thursday, June 30th. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, EastGroup Properties has a consensus rating of "Hold" and a consensus target price of $192.70.
EastGroup Properties Trading Up 0.1 %
EGP traded up $0.20 during trading on Thursday, reaching $178.13. 6,540 shares of the company's stock were exchanged, compared to its average volume of 206,784. The company's fifty day moving average price is $161.57 and its 200-day moving average price is $178.56. The firm has a market capitalization of $7.76 billion, a PE ratio of 34.62, a P/E/G ratio of 3.28 and a beta of 0.87. EastGroup Properties has a fifty-two week low of $148.33 and a fifty-two week high of $229.84. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.04 and a current ratio of 0.04.
EastGroup Properties Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were paid a dividend of $1.10 per share. The ex-dividend date was Wednesday, June 29th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.47%. EastGroup Properties's dividend payout ratio (DPR) is presently 85.60%.