EastGroup Properties (NYSE:EGP) Hits New 52-Week High – Still a Buy?

by · The Markets Daily

EastGroup Properties, Inc. (NYSE:EGP – Get Free Report)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $217.00 and last traded at $217.8920, with a volume of 5581 shares traded. The stock had previously closed at $213.11.

Analysts Set New Price Targets

A number of research firms have issued reports on EGP. Wells Fargo & Company boosted their price objective on shares of EastGroup Properties from $213.00 to $221.00 and gave the company an “overweight” rating in a research report on Monday, June 1st. Barclays raised their target price on EastGroup Properties from $210.00 to $228.00 and gave the stock an “overweight” rating in a research note on Thursday. BTIG Research boosted their price target on EastGroup Properties from $218.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, July 1st. Weiss Ratings raised EastGroup Properties from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Finally, Morgan Stanley increased their price objective on EastGroup Properties from $215.00 to $231.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 27th. Twelve analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and a consensus price target of $213.06.

Get Our Latest Stock Report on EastGroup Properties

EastGroup Properties Stock Up 2.8%

The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $11.77 billion, a P/E ratio of 39.81, a price-to-earnings-growth ratio of 3.17 and a beta of 1.03. The company’s fifty day simple moving average is $204.44 and its 200 day simple moving average is $194.42.

EastGroup Properties (NYSE:EGP – Get Free Report) last announced its earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.50. EastGroup Properties had a net margin of 39.69% and a return on equity of 8.37%. The firm had revenue of $190.26 million for the quarter, compared to analyst estimates of $193.84 million. During the same quarter in the previous year, the firm posted $2.15 EPS. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. Research analysts expect that EastGroup Properties, Inc. will post 9.59 EPS for the current year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. EastGroup Properties’s payout ratio is presently 112.73%.

Insiders Place Their Bets

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $195.77, for a total transaction of $98,668.08. Following the transaction, the director owned 3,531 shares in the company, valued at approximately $691,263.87. This represents a 12.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Group LLC grew its holdings in shares of EastGroup Properties by 3.9% during the fourth quarter. Renaissance Group LLC now owns 1,437 shares of the real estate investment trust’s stock valued at $256,000 after buying an additional 54 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in EastGroup Properties by 4.1% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,520 shares of the real estate investment trust’s stock worth $281,000 after acquiring an additional 60 shares during the last quarter. Azzad Asset Management Inc. ADV raised its holdings in EastGroup Properties by 2.6% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust’s stock worth $432,000 after acquiring an additional 62 shares during the last quarter. Cetera Investment Advisers lifted its position in EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after acquiring an additional 68 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in EastGroup Properties by 35.6% in the 4th quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

(Get Free Report)

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.

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