Wells Fargo & Company Cuts EastGroup Properties (NYSE:EGP) Price Target to $199.00

EastGroup Properties (NYSE:EGP) had its price target decreased by Wells Fargo & Company from $214.00 to $199.00 in a research report report published on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

Several other brokerages also recently commented on EGP. Barclays reduced their target price on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. Morgan Stanley raised their price target on EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research report on Thursday, August 22nd. KeyCorp upped their price target on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. Finally, Truist Financial boosted their target price on EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $191.50.

EastGroup Properties Trading Up 0.0 %

EGP traded up $0.08 during midday trading on Monday, reaching $170.94. 5,886 shares of the company were exchanged, compared to its average volume of 297,237. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. EastGroup Properties has a one year low of $155.23 and a one year high of $192.61. The stock’s 50-day simple moving average is $182.61 and its 200 day simple moving average is $175.70. The stock has a market capitalization of $8.46 billion, a P/E ratio of 35.30, a PEG ratio of 2.55 and a beta of 1.00.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data 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 return on equity of 8.56% and a net margin of 37.19%. The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same quarter in the prior year, the firm earned $1.95 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, analysts forecast that EastGroup Properties will post 8.35 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.40 per share. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend was Monday, September 30th. EastGroup Properties’s payout ratio is 115.70%.

Institutional Trading of EastGroup Properties

Several large investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC raised its stake in EastGroup Properties by 47.7% during the third 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 period. EverSource Wealth Advisors LLC lifted its stake in EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after acquiring an additional 80 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in EastGroup Properties by 7.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after purchasing an additional 90 shares during the last quarter. Azzad Asset Management Inc. ADV raised its stake in EastGroup Properties by 4.9% during the 3rd quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust’s stock valued at $389,000 after acquiring an additional 98 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of EastGroup Properties by 0.3% during the second quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock worth $5,328,000 after purchasing an additional 103 shares during the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

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.