EastGroup Properties, Inc. (NYSE:EGP) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been given a consensus rating of “Moderate Buy” by the fourteen brokerages that are presently covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $192.57.

Several brokerages have recently weighed in on EGP. Barclays reduced their price objective on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. Royal Bank of Canada raised their price objective on EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 30th. Evercore ISI boosted their target price on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Truist Financial increased their price target on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company raised EastGroup Properties from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $179.00 to $214.00 in a report on Wednesday, August 28th.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $174.02 on Wednesday. The business has a 50-day simple moving average of $183.77 and a 200-day simple moving average of $175.48. The company has a market cap of $8.62 billion, a PE ratio of 35.95, a P/E/G ratio of 2.70 and a beta of 0.99. EastGroup Properties has a one year low of $155.23 and a one year high of $192.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period last year, the company earned $1.95 EPS. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities research analysts forecast that EastGroup Properties will post 8.32 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.22%. EastGroup Properties’s dividend payout ratio is 115.70%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in EGP. Van ECK Associates Corp grew its holdings in shares of EastGroup Properties by 13.8% in the 3rd quarter. Van ECK Associates Corp now owns 20,448 shares of the real estate investment trust’s stock worth $3,705,000 after acquiring an additional 2,481 shares during the period. New York State Common Retirement Fund grew its holdings in EastGroup Properties by 6.4% in the third quarter. New York State Common Retirement Fund now owns 203,806 shares of the real estate investment trust’s stock valued at $38,075,000 after purchasing an additional 12,234 shares during the last quarter. abrdn plc increased its position in shares of EastGroup Properties by 10.3% in the third quarter. abrdn plc now owns 9,913 shares of the real estate investment trust’s stock valued at $1,852,000 after buying an additional 924 shares in the last quarter. J.W. Cole Advisors Inc. acquired a new position in shares of EastGroup Properties during the 3rd quarter worth $754,000. Finally, State of Alaska Department of Revenue boosted its position in shares of EastGroup Properties by 1.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 28,649 shares of the real estate investment trust’s stock worth $5,350,000 after buying an additional 382 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

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.