EastGroup Properties (NYSE:EGP) Given New $172.00 Price Target at Piper Sandler

EastGroup Properties (NYSE:EGP) had its target price decreased by Piper Sandler from $175.00 to $172.00 in a research report report published on Tuesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the company. Morgan Stanley reduced their target price on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Monday, December 30th. Robert W. Baird upped their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Truist Financial raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Thursday, April 10th. Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and increased their price target for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. Finally, Evercore ISI restated an “in-line” rating and issued a $185.00 price objective (up from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $188.24.

EastGroup Properties Trading Up 1.0 %

NYSE:EGP opened at $159.69 on Tuesday. The firm has a market capitalization of $8.31 billion, a P/E ratio of 34.34, a P/E/G ratio of 3.35 and a beta of 0.94. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The company has a fifty day moving average of $173.37 and a 200 day moving average of $171.51. EastGroup Properties has a 52 week low of $137.67 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, beating the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. On average, research analysts predict 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 was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.51%. The ex-dividend date was Monday, March 31st. EastGroup Properties’s dividend payout ratio is currently 120.43%.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of EastGroup Properties by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust’s stock worth $1,121,978,000 after buying an additional 72,199 shares during the last quarter. Cohen & Steers Inc. lifted its holdings in 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 valued at $458,347,000 after acquiring an additional 1,673,663 shares during the period. FMR LLC lifted its holdings in EastGroup Properties by 1.4% in the fourth quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust’s stock valued at $253,496,000 after acquiring an additional 21,432 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in shares of EastGroup Properties by 24.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust’s stock valued at $226,888,000 after purchasing an additional 273,217 shares during the period. Finally, Boston Partners increased its position in shares of EastGroup Properties by 34.1% during the 4th quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust’s stock valued at $169,533,000 after purchasing an additional 268,359 shares during the last quarter. 92.14% of the stock is currently owned by hedge funds and other 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.