EastGroup Properties’ (EGP) Sector Weight Rating Reaffirmed at KeyCorp

KeyCorp reiterated their sector weight rating on shares of EastGroup Properties (NYSE:EGP) in a report published on Tuesday, MarketBeat Ratings reports.

Several other equities analysts have also issued reports on EGP. Morgan Stanley boosted their price objective 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. Raymond James upgraded shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $185.00 to $200.00 in a report on Wednesday, December 11th. Truist Financial dropped their price objective on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a research note on Friday, October 25th. Finally, StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, October 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $191.80.

EastGroup Properties Stock Down 1.2 %

Shares of NYSE:EGP opened at $167.72 on Tuesday. The company has a 50 day moving average price of $174.07 and a two-hundred day moving average price of $177.97. The company has a market capitalization of $8.30 billion, a PE ratio of 34.65, a PEG ratio of 2.22 and a beta of 0.99. EastGroup Properties has a 52 week low of $155.23 and a 52 week high of $192.61. 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 (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The firm had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. EastGroup Properties’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.95 EPS. Analysts forecast that EastGroup Properties will post 8.36 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Tuesday, December 31st. EastGroup Properties’s payout ratio is presently 115.70%.

Hedge Funds Weigh In On EastGroup Properties

Institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC grew its position in shares of EastGroup Properties by 47.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 61 shares during the period. Quest Partners LLC lifted its stake in EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 208 shares during the last quarter. Headlands Technologies LLC bought a new position in EastGroup Properties during the second quarter worth about $66,000. GAMMA Investing LLC increased its position in EastGroup Properties by 90.7% during the third quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 255 shares during the last quarter. Finally, Quarry LP bought a new stake in EastGroup Properties in the third quarter valued at approximately $102,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.