Brokerages Set EastGroup Properties, Inc. (NYSE:EGP) PT at $191.80

EastGroup Properties, Inc. (NYSE:EGP) has earned a consensus rating of “Moderate Buy” from the fifteen analysts that are currently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $191.80.

Several brokerages recently weighed in on EGP. Raymond James upgraded EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their price objective for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th. Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a report on Wednesday, October 30th. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Evercore ISI increased their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th.

Hedge Funds Weigh In On EastGroup Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC raised its holdings in EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 61 shares during the last quarter. Quest Partners LLC increased its position in shares of EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 208 shares during the period. Headlands Technologies LLC bought a new position in EastGroup Properties during the second quarter worth $66,000. GAMMA Investing LLC lifted its holdings in EastGroup Properties by 90.7% in the third quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock valued at $100,000 after buying an additional 255 shares during the period. Finally, Quarry LP bought a new stake in EastGroup Properties during the third quarter valued at $102,000. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

EGP stock opened at $161.98 on Thursday. The company’s 50-day moving average price is $171.91 and its two-hundred day moving average price is $177.70. The firm has a market cap of $8.02 billion, a P/E ratio of 33.47, a P/E/G ratio of 2.22 and a beta of 0.99. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties has a 12 month low of $155.23 and a 12 month high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $161.52 million. During the same period last year, the business earned $1.95 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. On average, analysts anticipate that EastGroup Properties will post 8.36 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.46%. EastGroup Properties’s payout ratio is 115.70%.

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.