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.
EastGroup Properties Trading Up 1.1 %
EGP traded up $1.91 during trading on Friday, reaching $175.46. 200 shares of the stock traded hands, compared to its average volume of 208,179. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $7.64 billion, a PE ratio of 33.76, a P/E/G ratio of 3.21 and a beta of 0.87. The stock's 50-day moving average is $160.50 and its 200 day moving average is $179.03. EastGroup Properties has a 12 month low of $148.33 and a 12 month high of $229.84.
EastGroup Properties Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Thursday, June 30th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $4.40 dividend on an annualized basis and a yield of 2.51%. EastGroup Properties's dividend payout ratio (DPR) is currently 85.60%.
Wall Street Analysts Forecast Growth
Several research analysts have recently 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 for the company in a report on Tuesday, May 17th. Piper Sandler lowered their price target on shares of EastGroup Properties to $200.00 in a report on Monday, July 4th. Evercore ISI set a $185.00 price target on shares of EastGroup Properties in a report on Monday, June 20th. Jefferies Financial Group lowered their price target on shares of EastGroup Properties from $200.00 to $144.00 and set a "hold" rating for the company in a report on Thursday, June 30th. Finally, Truist Financial decreased their price objective on EastGroup Properties from $200.00 to $175.00 and set a "hold" rating for the company in a report on Tuesday, May 31st. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $192.70.