EastGroup Properties, Inc. (NYSE:EGP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

by · The Markets Daily

EastGroup Properties, Inc. (NYSE:EGP – Get Free Report) has been given an average recommendation of “Moderate Buy” by the fifteen research firms that are currently covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $192.07.

A number of analysts have recently issued reports on the stock. Evercore ISI raised their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday. Royal Bank of Canada lifted their price objective on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 30th. Truist Financial lifted their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Wedbush lifted their price objective on shares of EastGroup Properties from $208.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Finally, KeyCorp lifted their price objective on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th.

Check Out Our Latest Stock Analysis on EastGroup Properties

EastGroup Properties Stock Performance

NYSE EGP opened at $177.26 on Friday. The firm has a 50-day moving average of $184.68 and a 200-day moving average of $175.14. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.21 and a current ratio of 0.21. The stock has a market cap of $8.53 billion, a PE ratio of 38.45, a P/E/G ratio of 2.83 and a beta of 0.99. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $192.61.

EastGroup Properties (NYSE:EGP – Get Free Report) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). The company had revenue of $159.09 million for the quarter, compared to analyst estimates of $156.70 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.89 EPS. On average, sell-side analysts anticipate that EastGroup Properties will post 8.32 EPS for the current year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $1.40 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.16%. The ex-dividend date is Monday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is currently 121.48%.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Gradient Investments LLC bought a new stake in shares of EastGroup Properties during the 2nd quarter valued at approximately $32,000. Quest Partners LLC grew its holdings in shares of EastGroup Properties by 10,400.0% during the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 208 shares during the last quarter. Mather Group LLC. bought a new stake in shares of EastGroup Properties during the 1st quarter valued at approximately $42,000. Quarry LP bought a new stake in shares of EastGroup Properties during the 4th quarter valued at approximately $62,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of EastGroup Properties by 30.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 80 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Company Profile

(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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