EastGroup Properties (NYSE:EGP) Price Target Cut to $215.00 by Analysts at Truist Financial

EastGroup Properties (NYSE:EGP) had its target price decreased by Truist Financial from $230.00 to $215.00 in a report released on Friday morning,Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the stock. Citigroup increased their price objective on shares of EastGroup Properties from $235.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Evercore set a $199.00 target price on shares of EastGroup Properties in a report on Friday, October 2nd. KeyCorp increased their price target on EastGroup Properties from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Weiss Ratings cut EastGroup Properties from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 9th. Finally, Barclays boosted their price objective on EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $219.71.

EastGroup Properties Trading Down 0.7%

Shares of NYSE:EGP opened at $198.45 on Friday. The stock has a 50 day moving average of $198.79 and a 200 day moving average of $198.05. The company has a market cap of $10.67 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 4.00 and a beta of 1.00. EastGroup Properties has a 12-month low of $172.17 and a 12-month high of $226.71.

EastGroup Properties (NYSE:EGP) last released its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.97). EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The firm had revenue of $199.44 million during the quarter, compared to analysts’ expectations of $197.51 million. During the same period in the prior year, the company posted $2.27 earnings per share. The company’s revenue was up 9.5% compared to the same quarter last year. Equities research analysts predict that EastGroup Properties will post 9.63 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a $1.75 dividend. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.55. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is presently 118.64%.

Insider Buying and Selling

In related news, CFO Staci Tyler sold 1,600 shares of the stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $201.69, for a total transaction of $322,704.00. Following the completion of the transaction, the chief financial officer directly owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. This represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Institutional Trading of EastGroup Properties

Hedge funds have recently modified their holdings of the company. North Dakota State Investment Board lifted its holdings in EastGroup Properties by 3.7% in the third quarter. North Dakota State Investment Board now owns 1,633 shares of the real estate investment trust’s stock valued at $322,000 after acquiring an additional 59 shares during the period. Waverly Advisors LLC boosted its position in EastGroup Properties by 4.2% in the 2nd quarter. Waverly Advisors LLC now owns 1,554 shares of the real estate investment trust’s stock worth $315,000 after purchasing an additional 62 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of EastGroup Properties by 3.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,016 shares of the real estate investment trust’s stock worth $373,000 after purchasing an additional 75 shares during the period. CX Institutional increased its holdings in shares of EastGroup Properties by 115.9% during the 3rd quarter. CX Institutional now owns 149 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 80 shares in the last quarter. Finally, Concurrent Investment Advisors LLC increased its holdings in shares of EastGroup Properties by 2.0% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 4,174 shares of the real estate investment trust’s stock valued at $845,000 after purchasing an additional 82 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 self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.