Analysts Set EastGroup Properties, Inc. (NYSE:EGP) PT at $188.00

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been given an average recommendation of “Moderate Buy” by the fourteen research firms that are currently covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $188.00.

A number of analysts have weighed in on EGP shares. Robert W. Baird decreased their target price on shares of EastGroup Properties from $194.00 to $190.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. Piper Sandler dropped their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Royal Bank Of Canada dropped their target price on shares of EastGroup Properties from $189.00 to $183.00 and set a “sector perform” rating on the stock in a report on Tuesday, April 29th. Truist Financial dropped their price objective on shares of EastGroup Properties from $180.00 to $177.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Finally, 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.

Institutional Investors Weigh In On EastGroup Properties

A number of large investors have recently added to or reduced their stakes in EGP. Covestor Ltd lifted its position in shares of EastGroup Properties by 5.6% in the 1st quarter. Covestor Ltd now owns 1,161 shares of the real estate investment trust’s stock worth $205,000 after purchasing an additional 62 shares during the period. Bar Harbor Wealth Management raised its holdings in EastGroup Properties by 0.3% in the first quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust’s stock worth $4,112,000 after buying an additional 66 shares during the last quarter. Optas LLC raised its holdings in EastGroup Properties by 5.1% in the first quarter. Optas LLC now owns 1,397 shares of the real estate investment trust’s stock worth $246,000 after buying an additional 68 shares during the last quarter. KBC Group NV raised its holdings in EastGroup Properties by 3.5% in the first quarter. KBC Group NV now owns 2,058 shares of the real estate investment trust’s stock worth $363,000 after buying an additional 69 shares during the last quarter. Finally, Moran Wealth Management LLC raised its holdings in shares of EastGroup Properties by 1.1% during the first quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust’s stock valued at $1,149,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Down 0.7%

NYSE EGP opened at $166.94 on Monday. The company has a 50 day moving average of $169.28 and a 200-day moving average of $169.09. The company has a market cap of $8.77 billion, a price-to-earnings ratio of 36.53, a PEG ratio of 3.72 and a beta of 1.01. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.43. EastGroup Properties has a 1-year low of $137.67 and a 1-year high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.11 by $0.01. The business had revenue of $174.45 million for the quarter, compared to analysts’ expectations of $169.67 million. EastGroup Properties had a net margin of 34.60% and a return on equity of 7.41%. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $1.98 earnings per share. On average, equities research analysts expect that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Monday, June 30th. EastGroup Properties’s dividend payout ratio is currently 122.54%.

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.