EastGroup Properties, Inc. (NYSE:EGP – Get Rating) – Investment analysts at Jefferies Financial Group lifted their FY2022 earnings per share (EPS) estimates for shares of EastGroup Properties in a note issued to investors on Tuesday, August 2nd. Jefferies Financial Group analyst J. Petersen now expects that the real estate investment trust will post earnings of $6.89 per share for the year, up from their previous forecast of $6.85. Jefferies Financial Group has a “Hold” rating and a $144.00 price target on the stock. The consensus estimate for EastGroup Properties’ current full-year earnings is $6.89 per share. Jefferies Financial Group also issued estimates for EastGroup Properties’ Q4 2022 earnings at $1.78 EPS, Q1 2023 earnings at $1.78 EPS and Q2 2023 earnings at $1.81 EPS.
Several other research analysts have also recently commented on EGP. Evercore ISI set a $185.00 target price on EastGroup Properties in a research note on Monday, June 20th. Morgan Stanley lowered their price objective on EastGroup Properties from $215.00 to $195.00 and set an “equal weight” rating for the company in a research report on Monday, August 1st. Piper Sandler lowered their price objective on EastGroup Properties to $200.00 in a research report on Monday, July 4th. Mizuho lowered their price objective on EastGroup Properties from $215.00 to $180.00 and set a “na” rating for the company in a research report on Tuesday, May 17th. Finally, Truist Financial lowered their price objective on EastGroup Properties from $200.00 to $175.00 and set a “hold” rating for the company in a research report on Tuesday, May 31st. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $191.90.
EastGroup Properties Trading Up 0.1 %
Institutional Trading of EastGroup Properties
Several institutional investors and hedge funds have recently made changes to their positions in the company. Pictet Asset Management SA raised its stake in EastGroup Properties by 1.3% during the 4th quarter. Pictet Asset Management SA now owns 15,168 shares of the real estate investment trust’s stock valued at $3,456,000 after acquiring an additional 189 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in EastGroup Properties during the 4th quarter valued at approximately $4,392,000. Raymond James & Associates raised its stake in EastGroup Properties by 0.4% during the 4th quarter. Raymond James & Associates now owns 85,093 shares of the real estate investment trust’s stock valued at $19,389,000 after acquiring an additional 371 shares during the last quarter. Swiss National Bank raised its stake in EastGroup Properties by 0.6% during the 4th quarter. Swiss National Bank now owns 88,987 shares of the real estate investment trust’s stock valued at $20,276,000 after acquiring an additional 500 shares during the last quarter. Finally, Credit Suisse AG raised its stake in EastGroup Properties by 7.2% during the 4th quarter. Credit Suisse AG now owns 71,372 shares of the real estate investment trust’s stock valued at $16,263,000 after acquiring an additional 4,815 shares during the last quarter. 91.02% of the stock is owned by hedge funds and other institutional investors.
EastGroup Properties Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.59%. The ex-dividend date was Wednesday, June 29th. EastGroup Properties’s payout ratio is currently 85.60%.
About EastGroup Properties
EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.
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