EastGroup Properties, Inc. (NYSE:EGP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have earned an average recommendation of “Moderate Buy” from the seventeen research firms that are presently covering the company, Marketbeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $190.47.

EGP has been the subject of a number of recent analyst reports. Robert W. Baird increased their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft started coverage on shares of EastGroup Properties in a research note on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price for the company. Evercore ISI reissued an “in-line” rating and set a $185.00 price target (up previously from $181.00) on shares of EastGroup Properties in a research report on Monday, March 17th. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. Finally, StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a report on Monday, February 10th.

EastGroup Properties Stock Performance

EGP opened at $176.19 on Friday. The business’s 50-day simple moving average is $176.92 and its 200 day simple moving average is $174.59. EastGroup Properties has a 52-week low of $155.10 and a 52-week high of $192.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $9.17 billion, a PE ratio of 37.89, a PEG ratio of 3.35 and a beta of 0.99.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. As a group, sell-side analysts expect that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.18%. EastGroup Properties’s dividend payout ratio is presently 120.43%.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds have recently added to or reduced their stakes in the stock. Crowley Wealth Management Inc. acquired a new stake in shares of EastGroup Properties during the 4th quarter worth $29,000. Canton Hathaway LLC acquired a new position in EastGroup Properties in the fourth quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in EastGroup Properties by 503.3% during 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 purchasing an additional 302 shares during the period. Principal Securities Inc. grew its stake in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 84 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in EastGroup Properties by 18.7% in the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after buying an additional 95 shares during the period. 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.