Wells Fargo & Company Cuts EastGroup Properties (NYSE:EGP) Price Target to $199.00

by · The Markets Daily

EastGroup Properties (NYSE:EGP – Free Report) had its price objective cut by Wells Fargo & Company from $214.00 to $199.00 in a research note released on Monday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other analysts have also issued research reports about the stock. Evercore ISI increased their price target on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Morgan Stanley raised their price objective on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. KeyCorp boosted their target price on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Wedbush reaffirmed an “outperform” rating and set a $209.00 price target on shares of EastGroup Properties in a report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Hold” and a consensus price target of $191.50.

Check Out Our Latest Stock Analysis on EGP

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $174.98 on Monday. The business has a fifty day moving average price of $182.34 and a two-hundred day moving average price of $175.80. The stock has a market capitalization of $8.66 billion, a PE ratio of 36.15, a P/E/G ratio of 2.55 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. EastGroup Properties has a fifty-two week low of $155.23 and a fifty-two week high of $192.61.

EastGroup Properties (NYSE:EGP – Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm earned $1.95 EPS. As a group, equities analysts predict that EastGroup Properties will post 8.35 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.20%. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s dividend payout ratio is presently 115.70%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vaughan Nelson Investment Management L.P. increased its stake in shares of EastGroup Properties by 22.2% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 343,140 shares of the real estate investment trust’s stock valued at $64,105,000 after buying an additional 62,381 shares during the period. Natixis Advisors LLC increased its position in EastGroup Properties by 13.6% during the 3rd quarter. Natixis Advisors LLC now owns 52,679 shares of the real estate investment trust’s stock valued at $9,842,000 after purchasing an additional 6,307 shares during the period. Metis Global Partners LLC raised its holdings in EastGroup Properties by 31.3% during the 3rd quarter. Metis Global Partners LLC now owns 5,008 shares of the real estate investment trust’s stock worth $936,000 after purchasing an additional 1,193 shares during the last quarter. Curi RMB Capital LLC lifted its position in shares of EastGroup Properties by 1.0% in the 3rd quarter. Curi RMB Capital LLC now owns 128,662 shares of the real estate investment trust’s stock worth $24,037,000 after purchasing an additional 1,283 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of EastGroup Properties by 11.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 16,394 shares of the real estate investment trust’s stock valued at $3,063,000 after purchasing an additional 1,648 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

About EastGroup Properties

(Get Free Report)

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.

Recommended Stories