EastGroup Properties, Inc. (NYSE:EGP) Receives Average Rating of “Hold” from Analysts

Posted by on Jun 8th, 2022

Shares of EastGroup Properties, Inc. (NYSE:EGP – Get Rating) have been given a consensus rating of “Hold” by the twelve research firms that are currently covering the firm, MarketBeat.com reports. Eight analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $198.22.

Several analysts recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of EastGroup Properties from $184.00 to $170.00 and set an “equal weight” rating on the stock in a research report on Monday. StockNews.com assumed coverage on shares of EastGroup Properties in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Mizuho cut their target price on shares of EastGroup Properties from $215.00 to $180.00 and set a “na” rating on the stock in a research report on Tuesday, May 17th. Piper Sandler cut their target price on shares of EastGroup Properties from $230.00 to $210.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Zacks Investment Research lowered shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research report on Friday, April 15th.

Shares of EGP opened at $168.17 on Wednesday. The company has a current ratio of 0.05, a quick ratio of 0.05 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $7.01 billion, a PE ratio of 35.48, a P/E/G ratio of 3.17 and a beta of 0.88. The firm’s 50 day moving average is $183.12 and its 200-day moving average is $195.98. EastGroup Properties has a 12 month low of $151.22 and a 12 month high of $229.84.

EastGroup Properties (NYSE:EGP – Get Rating) last posted its quarterly earnings results on Tuesday, April 26th. The real estate investment trust reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.81). EastGroup Properties had a return on equity of 12.84% and a net margin of 45.65%. During the same quarter last year, the business posted $1.45 EPS. Equities research analysts predict that EastGroup Properties will post 6.8 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, June 30th will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend is Wednesday, June 29th. EastGroup Properties’s dividend payout ratio is presently 92.83%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in EastGroup Properties by 22.4% in the fourth quarter. BlackRock Inc. now owns 6,579,597 shares of the real estate investment trust’s stock valued at $1,499,159,000 after purchasing an additional 1,203,642 shares in the last quarter. Norges Bank acquired a new position in shares of EastGroup Properties during the fourth quarter valued at about $85,438,000. State Street Corp grew its holdings in shares of EastGroup Properties by 11.5% during the first quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock valued at $492,949,000 after buying an additional 248,538 shares during the last quarter. Millennium Management LLC grew its holdings in shares of EastGroup Properties by 153.2% during the fourth quarter. Millennium Management LLC now owns 326,670 shares of the real estate investment trust’s stock valued at $74,432,000 after buying an additional 197,667 shares during the last quarter. Finally, Citadel Advisors LLC acquired a new position in shares of EastGroup Properties during the fourth quarter valued at about $43,732,000. 91.02% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Company Profile (Get Rating)

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.

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Analyst Recommendations for EastGroup Properties (NYSE:EGP)

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