EastGroup Properties (NYSE:EGP) PT Raised to $160.00 at Wells Fargo & Company

EastGroup Properties (NYSE:EGPGet Rating) had its price target increased by Wells Fargo & Company from $140.00 to $160.00 in a research report released on Tuesday, MarketBeat.com reports. They currently have an equal weight rating on the real estate investment trust’s stock.

EGP has been the topic of a number of other research reports. Piper Sandler cut their price target on shares of EastGroup Properties from $200.00 to $187.00 and set an overweight rating on the stock in a research report on Friday, October 7th. BTIG Research dropped their price objective on shares of EastGroup Properties from $248.00 to $198.00 and set a buy rating on the stock in a report on Monday, October 17th. StockNews.com lowered shares of EastGroup Properties from a hold rating to a sell rating in a report on Friday, October 28th. Evercore ISI dropped their price objective on shares of EastGroup Properties from $156.00 to $148.00 and set an in-line rating on the stock in a report on Tuesday, September 27th. Finally, Morgan Stanley dropped their price objective on shares of EastGroup Properties from $195.00 to $150.00 and set an equal weight rating on the stock in a report on Monday, October 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $167.75.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $156.91 on Tuesday. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.85. EastGroup Properties has a twelve month low of $137.47 and a twelve month high of $229.84. The stock has a market cap of $6.84 billion, a price-to-earnings ratio of 29.89, a P/E/G ratio of 2.98 and a beta of 0.90. The company’s fifty day moving average is $150.46 and its 200 day moving average is $158.70.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a $1.25 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.10. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $5.00 annualized dividend and a yield of 3.19%. EastGroup Properties’s dividend payout ratio (DPR) is 95.24%.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank increased its stake in EastGroup Properties by 11.1% in the 3rd quarter. Huntington National Bank now owns 681 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 68 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in EastGroup Properties by 0.6% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,672 shares of the real estate investment trust’s stock valued at $1,685,000 after buying an additional 69 shares during the last quarter. National Asset Management Inc. increased its stake in EastGroup Properties by 7.2% in the 1st quarter. National Asset Management Inc. now owns 1,040 shares of the real estate investment trust’s stock valued at $212,000 after buying an additional 70 shares during the last quarter. Toronto Dominion Bank increased its stake in EastGroup Properties by 1.7% in the 2nd quarter. Toronto Dominion Bank now owns 4,367 shares of the real estate investment trust’s stock valued at $674,000 after buying an additional 71 shares during the last quarter. Finally, Norinchukin Bank The increased its stake in EastGroup Properties by 7.6% in the 1st quarter. Norinchukin Bank The now owns 1,015 shares of the real estate investment trust’s stock valued at $206,000 after buying an additional 72 shares during the last quarter. Hedge funds and other institutional investors own 89.68% of the company’s stock.

EastGroup Properties Company Profile

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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.

Further Reading

Analyst Recommendations for EastGroup Properties (NYSE:EGP)

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