Truist Financial Cuts EastGroup Properties (NYSE:EGP) Price Target to $186.00

EastGroup Properties (NYSE:EGP) had its target price trimmed by Truist Financial from $190.00 to $186.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on EGP. Royal Bank of Canada restated a “sector perform” rating and issued a $186.00 price target on shares of EastGroup Properties in a research report on Wednesday, October 30th. Barclays lowered their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Evercore ISI increased their target price on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, October 7th. Finally, KeyCorp raised their price target on EastGroup Properties from $178.00 to $198.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of “Hold” and a consensus target price of $191.21.

EastGroup Properties Trading Up 0.6 %

Shares of EastGroup Properties stock opened at $171.97 on Wednesday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $180.51 and a 200-day simple moving average of $176.38. The stock has a market cap of $8.51 billion, a price-to-earnings ratio of 35.53, a PEG ratio of 2.61 and a beta of 1.00. EastGroup Properties has a 12-month low of $155.23 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.95 EPS. On average, equities analysts forecast that EastGroup Properties will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.40 per share. The ex-dividend date was Monday, September 30th. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 3.26%. EastGroup Properties’s payout ratio is currently 115.70%.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently modified their holdings of EGP. Vanguard Group Inc. raised its stake in shares of EastGroup Properties by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after acquiring an additional 210,207 shares during the period. State Street Corp increased its stake in shares of EastGroup Properties by 2.1% in the third quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust’s stock worth $456,872,000 after buying an additional 49,268 shares during the last quarter. FMR LLC raised its stake in shares of EastGroup Properties by 67.9% in the 3rd quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock valued at $291,081,000 after purchasing an additional 629,827 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in EastGroup Properties by 7.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after buying an additional 71,614 shares during the last quarter. Finally, Boston Partners boosted its holdings in EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock worth $171,399,000 after purchasing an additional 197,427 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Company Profile

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.