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

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been assigned an average recommendation of “Moderate Buy” from the fifteen brokerages that are covering the stock, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $191.80.

EGP has been the subject of a number of recent research reports. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and increased their target price for the company from $175.00 to $200.00 in a research report on Thursday, September 5th. StockNews.com lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. Truist Financial dropped their price target on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating for the company in a research report on Wednesday, November 13th. Wells Fargo & Company reduced their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, KeyCorp restated a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of EGP. Legacy Wealth Management LLC MS purchased a new stake in shares of EastGroup Properties in the 3rd quarter valued at approximately $296,000. Franklin Resources Inc. increased its holdings in 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 valued at $8,728,000 after purchasing an additional 37,863 shares during the last quarter. Tidal Investments LLC raised its position in EastGroup Properties by 23.2% in the third quarter. Tidal Investments LLC now owns 30,905 shares of the real estate investment trust’s stock valued at $5,774,000 after purchasing an additional 5,811 shares during the period. Sanctuary Advisors LLC lifted its stake in EastGroup Properties by 46.7% during the third quarter. Sanctuary Advisors LLC now owns 7,370 shares of the real estate investment trust’s stock worth $1,267,000 after purchasing an additional 2,347 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of EastGroup Properties by 1.2% during the third quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust’s stock worth $168,032,000 after buying an additional 10,435 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Trading Down 3.9 %

Shares of EastGroup Properties stock opened at $161.20 on Thursday. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties has a twelve month low of $155.23 and a twelve month high of $192.61. The firm has a market capitalization of $7.98 billion, a PE ratio of 33.31, a P/E/G ratio of 2.22 and a beta of 0.99. The firm’s 50-day moving average price is $173.74 and its 200 day moving average price is $177.85.

EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same quarter last year, the business earned $1.95 EPS. The business’s revenue was up 11.2% compared to the same quarter last year. On average, sell-side analysts predict that EastGroup Properties will post 8.36 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Tuesday, December 31st. EastGroup Properties’s payout ratio is 115.70%.

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.