Brokerages Set EastGroup Properties, Inc. (NYSE:EGP) PT at $188.00

EastGroup Properties, Inc. (NYSE:EGP) has received a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $188.00.

Several analysts have recently weighed in on EGP shares. Wells Fargo & Company decreased their target price on shares of EastGroup Properties from $199.00 to $187.00 and set an “overweight” rating on the stock in a research report on Monday, May 19th. Raymond James reiterated a “strong-buy” rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Truist Financial decreased their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Evercore ISI boosted their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an “in-line” rating in a research report on Thursday, April 24th. Finally, Robert W. Baird reduced their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th.

EastGroup Properties Stock Performance

NYSE:EGP opened at $170.41 on Thursday. The firm’s 50-day moving average is $165.67 and its 200-day moving average is $168.93. EastGroup Properties has a 52-week low of $137.67 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 company has a market cap of $8.95 billion, a price-to-earnings ratio of 36.65, a PEG ratio of 3.35 and a beta of 1.02.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.01. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The company had revenue of $174.45 million for the quarter, compared to the consensus estimate of $169.67 million. During the same quarter in the previous year, the firm posted $1.98 EPS. The business’s revenue was up 13.1% compared to the same quarter last year. Equities research analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties’s dividend payout ratio is presently 122.54%.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors have recently modified their holdings of EGP. Cohen & Steers Inc. raised its stake in shares of EastGroup Properties by 141.6% in the fourth quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust’s stock worth $458,347,000 after acquiring an additional 1,673,663 shares during the last quarter. Nuveen LLC bought a new position in shares of EastGroup Properties in the first quarter worth about $190,456,000. Principal Financial Group Inc. raised its stake in shares of EastGroup Properties by 234.7% in the first quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust’s stock worth $215,267,000 after acquiring an additional 856,971 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of EastGroup Properties in the fourth quarter worth about $116,756,000. Finally, Norges Bank bought a new stake in shares of EastGroup Properties during the fourth quarter worth approximately $100,579,000. 92.14% of the stock is owned by 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.