Brokerages Set EastGroup Properties, Inc. (NYSE:EGP) Target Price at $213.06

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been given a consensus recommendation of “Moderate Buy” by the seventeen brokerages that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $215.1667.

A number of research firms have weighed in on EGP. Wells Fargo & Company lifted their price target on shares of EastGroup Properties from $213.00 to $221.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $217.00 price objective on shares of EastGroup Properties in a research note on Monday, April 27th. BTIG Research raised their price objective on shares of EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Evercore set a $195.00 target price on shares of EastGroup Properties in a research report on Friday, April 24th. Finally, Raymond James Financial initiated coverage on shares of EastGroup Properties in a research report on Wednesday, June 17th. They issued an “outperform” rating and a $241.00 price target for the company.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $221.34 on Friday. EastGroup Properties has a 1-year low of $159.37 and a 1-year high of $226.71. The firm has a market capitalization of $11.90 billion, a PE ratio of 40.24, a PEG ratio of 3.32 and a beta of 1.03. The business’s 50 day moving average is $205.87 and its 200-day moving average is $195.60. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.45.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.50. The business had revenue of $190.26 million for the quarter, compared to analysts’ expectations of $193.84 million. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.EastGroup Properties’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business posted $2.15 earnings per share. Sell-side analysts predict that EastGroup Properties will post 9.59 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. EastGroup Properties’s dividend payout ratio is currently 112.73%.

Insider Activity

In other news, Director David Michael Fields sold 504 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $195.77, for a total value of $98,668.08. Following the completion of the transaction, the director directly owned 3,531 shares of the company’s stock, valued at approximately $691,263.87. This represents a 12.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Trading of EastGroup Properties

Several institutional investors have recently bought and sold shares of the stock. Cbre Investment Management Listed Real Assets LLC lifted its holdings in shares of EastGroup Properties by 5.1% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 711,109 shares of the real estate investment trust’s stock valued at $126,677,000 after acquiring an additional 34,515 shares during the period. Corient Private Wealth LLC grew its holdings in shares of EastGroup Properties by 22.1% in the 4th quarter. Corient Private Wealth LLC now owns 29,516 shares of the real estate investment trust’s stock worth $5,260,000 after purchasing an additional 5,341 shares during the last quarter. Heartland Advisors Inc. increased its position in shares of EastGroup Properties by 13.7% during the 4th quarter. Heartland Advisors Inc. now owns 42,705 shares of the real estate investment trust’s stock worth $7,607,000 after purchasing an additional 5,160 shares in the last quarter. AE Wealth Management LLC increased its position in shares of EastGroup Properties by 30.6% during the 4th quarter. AE Wealth Management LLC now owns 198,900 shares of the real estate investment trust’s stock worth $35,432,000 after purchasing an additional 46,653 shares in the last quarter. Finally, Runnymede Capital Advisors Inc. acquired a new stake in shares of EastGroup Properties during the 4th quarter worth about $879,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Company Profile

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.