EastGroup Properties, Inc. (NYSE:EGP) Receives Consensus Rating of “Moderate Buy” from Brokerages

EastGroup Properties, Inc. (NYSE:EGP) has been assigned an average rating of “Moderate Buy” from the seventeen research firms that are currently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $190.88.

A number of equities analysts have issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $186.00 price objective on shares of EastGroup Properties in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target on the stock. Morgan Stanley dropped their price objective on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a report on Monday, December 30th. Wedbush reissued an “outperform” rating and set a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. Finally, Truist Financial decreased their target price on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a report on Wednesday, November 13th.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors and hedge funds have recently made changes to their positions in EGP. Crowley Wealth Management Inc. bought a new stake in shares of EastGroup Properties in the 4th quarter worth approximately $29,000. Canton Hathaway LLC purchased a new position in EastGroup Properties during the fourth quarter valued at $30,000. V Square Quantitative Management LLC raised its stake in EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 61 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in EastGroup Properties by 503.3% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after acquiring an additional 302 shares in the last quarter. Finally, Principal Securities Inc. grew its stake in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after acquiring an additional 84 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EGP opened at $180.55 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The stock’s 50 day simple moving average is $166.30 and its 200 day simple moving average is $175.52. The firm has a market cap of $8.94 billion, a price-to-earnings ratio of 38.83, a PEG ratio of 3.23 and a beta of 1.00. EastGroup Properties has a 1 year low of $155.10 and a 1 year high of $192.61.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 8.27%. As a group, analysts predict that EastGroup Properties will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Tuesday, December 31st. EastGroup Properties’s payout ratio is currently 120.43%.

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.