EastGroup Properties Inc. (EGP) Now Covered by Mizuho
Stock analysts at Mizuho started coverage on shares of EastGroup Properties Inc. (NYSE:EGP) in a report issued on Wednesday. The brokerage set a “buy” rating and a $83.00 price target on the stock. Mizuho’s target price would indicate a potential upside of 11.92% from the company’s current price.
A number of other brokerages have also commented on EGP. Morgan Stanley began coverage on EastGroup Properties in a report on Tuesday, September 6th. They set an “underweight” rating and a $65.00 price objective on the stock. Zacks Investment Research raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $81.00 price objective on the stock in a report on Wednesday, September 21st. BTIG Research began coverage on EastGroup Properties in a report on Thursday, August 25th. They set a “neutral” rating on the stock. BMO Capital Markets reissued a “hold” rating and set a $70.00 price objective on shares of EastGroup Properties in a report on Thursday, July 28th. Finally, Sandler O’Neill downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, July 22nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $67.64.
EastGroup Properties (NYSE:EGP) opened at 74.16 on Wednesday. The company’s 50-day moving average price is $72.63 and its 200-day moving average price is $66.91. The company has a market capitalization of $2.43 billion, a P/E ratio of 26.85 and a beta of 0.97. EastGroup Properties has a 52 week low of $49.31 and a 52 week high of $76.00.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, July 20th. The company reported $0.99 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.99. The business had revenue of $61.92 million for the quarter, compared to analyst estimates of $61.53 million. EastGroup Properties had a return on equity of 15.59% and a net margin of 36.63%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.92 EPS. On average, equities analysts forecast that EastGroup Properties will post $3.99 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 19th will be given a $0.62 dividend. The ex-dividend date is Thursday, September 15th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.34%. This is an increase from EastGroup Properties’s previous quarterly dividend of $0.60. EastGroup Properties’s dividend payout ratio (DPR) is currently 90.51%.
In related news, insider Bruce Corkern sold 2,475 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $71.40, for a total transaction of $176,715.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brent Wood sold 3,400 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $72.22, for a total value of $245,548.00. The disclosure for this sale can be found here. 3.60% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of EGP. Nomura Asset Management Co. Ltd. increased its position in EastGroup Properties by 7.1% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 18,326 shares of the company’s stock valued at $1,019,000 after buying an additional 1,220 shares during the period. Aperio Group LLC increased its position in EastGroup Properties by 21.5% in the first quarter. Aperio Group LLC now owns 8,196 shares of the company’s stock valued at $495,000 after buying an additional 1,452 shares during the period. Virginia Retirement System bought a new position in EastGroup Properties during the first quarter valued at approximately $3,526,000. Los Angeles Capital Management & Equity Research Inc. increased its position in EastGroup Properties by 7.1% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 16,278 shares of the company’s stock valued at $983,000 after buying an additional 1,085 shares during the period. Finally, TIAA CREF Investment Management LLC increased its position in EastGroup Properties by 19.0% in the first quarter. TIAA CREF Investment Management LLC now owns 154,260 shares of the company’s stock valued at $9,313,000 after buying an additional 24,598 shares during the period. Institutional investors and hedge funds own 94.42% of the company’s stock.
About EastGroup Properties
EastGroup Properties, Inc is an equity real estate investment trust. The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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