EastGroup Properties (NYSE:EGP) Price Target Raised to $200.00

by · The Cerbat Gem

EastGroup Properties (NYSE:EGP – Free Report) had its price objective raised by Raymond James from $190.00 to $200.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a strong-buy rating on the real estate investment trust’s stock.

EGP has been the subject of a number of other reports. Royal Bank of Canada lowered their target price on EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating for the company in a report on Tuesday, April 29th. Robert W. Baird boosted their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Barclays cut their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 30th. Evercore ISI upped their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an “in-line” rating in a report on Thursday, April 24th. Finally, Piper Sandler reduced their target price on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus price target of $187.40.

Check Out Our Latest Analysis on EastGroup Properties

EastGroup Properties Stock Up 0.6 %

Shares of NYSE EGP opened at $167.99 on Wednesday. The company’s 50 day moving average price is $167.87 and its 200-day moving average price is $169.68. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. EastGroup Properties has a 52-week low of $137.67 and a 52-week high of $192.61. The company has a market capitalization of $8.82 billion, a P/E ratio of 36.13, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP – Get Free Report) last released its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, beating 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 business had revenue of $174.45 million for the quarter, compared to analyst estimates of $169.67 million. During the same quarter in the previous year, the business earned $1.98 earnings per share. EastGroup Properties’s revenue for the quarter was up 13.1% on a year-over-year basis. Equities analysts forecast that EastGroup Properties will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $1.40 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.33%. EastGroup Properties’s payout ratio is 122.54%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGP. Franklin Resources Inc. boosted its stake in shares of EastGroup Properties by 337.0% in the 3rd quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock worth $8,728,000 after buying an additional 37,863 shares during the last quarter. Nordea Investment Management AB boosted its position in EastGroup Properties by 6.1% in the fourth quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock worth $11,667,000 after purchasing an additional 4,176 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of EastGroup Properties by 20.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock valued at $261,000 after purchasing an additional 275 shares during the last quarter. Bar Harbor Wealth Management raised its stake in shares of EastGroup Properties by 0.6% during the 4th quarter. Bar Harbor Wealth Management now owns 23,278 shares of the real estate investment trust’s stock worth $3,736,000 after purchasing an additional 148 shares during the period. Finally, Elevated Capital Advisors LLC boosted its holdings in shares of EastGroup Properties by 64.2% in the 4th quarter. Elevated Capital Advisors LLC now owns 2,172 shares of the real estate investment trust’s stock worth $349,000 after buying an additional 849 shares during the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

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.

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