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

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been assigned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $200.1765.

EGP has been the subject of a number of recent research reports. Cantor Fitzgerald increased their price objective on EastGroup Properties from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, February 6th. Truist Financial lifted their target price on EastGroup Properties from $203.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of EastGroup Properties in a research report on Monday, December 29th. Evercore set a $188.00 target price on EastGroup Properties in a report on Friday, February 6th. Finally, KeyCorp increased their price target on EastGroup Properties from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Tuesday, February 10th.

EastGroup Properties Trading Down 2.4%

Shares of NYSE:EGP opened at $182.69 on Friday. The stock has a market capitalization of $9.74 billion, a price-to-earnings ratio of 37.51, a PEG ratio of 3.05 and a beta of 1.10. EastGroup Properties has a 1-year low of $137.67 and a 1-year high of $197.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01. The company has a 50 day moving average price of $187.86 and a 200 day moving average price of $179.94.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $6.20 dividend on an annualized basis and a yield of 3.4%. EastGroup Properties’s dividend payout ratio is currently 127.31%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EGP. Renaissance Group LLC lifted its position in shares of EastGroup Properties by 3.9% in the 4th quarter. Renaissance Group LLC now owns 1,437 shares of the real estate investment trust’s stock valued at $256,000 after acquiring an additional 54 shares in the last quarter. Canton Hathaway LLC grew its position in EastGroup Properties by 31.6% during the 3rd quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 60 shares in the last quarter. Azzad Asset Management Inc. ADV raised its stake in EastGroup Properties by 2.6% during the 4th quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust’s stock valued at $432,000 after purchasing an additional 62 shares during the period. Cetera Investment Advisers raised its stake in EastGroup Properties by 1.9% during the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after purchasing an additional 68 shares during the period. Finally, Larson Financial Group LLC lifted its holdings in shares of EastGroup Properties by 35.6% in the fourth quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 69 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.