EastGroup Properties, Inc. (NYSE:EGP) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $90.48 and last traded at $90.51, with a volume of 91,719 shares traded. The stock had previously closed at $89.80.

Several equities research analysts have issued reports on EGP shares. Stifel Nicolaus reiterated a “hold” rating and set a $85.00 price objective on shares of EastGroup Properties in a research note on Friday, July 28th. Sandler O’Neill upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $90.00 to $104.00 in a research note on Tuesday. Zacks Investment Research upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a research note on Tuesday, July 11th. Cantor Fitzgerald reiterated a “hold” rating and set a $75.00 price objective on shares of EastGroup Properties in a research note on Tuesday, July 25th. Finally, BidaskClub downgraded shares of EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $83.10.

The firm’s 50-day moving average is $86.41 and its 200 day moving average is $80.60. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 37.85 and a beta of 0.98.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Tuesday, July 25th. The real estate investment trust reported $1.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.60. EastGroup Properties had a net margin of 30.20% and a return on equity of 12.05%. The company had revenue of $67.90 million for the quarter, compared to analyst estimates of $67.16 million. During the same quarter last year, the firm posted $0.99 earnings per share. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. Analysts anticipate that EastGroup Properties, Inc. will post $2.42 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.64 dividend. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.83%. EastGroup Properties’s dividend payout ratio (DPR) is currently 104.64%.

Large investors have recently added to or reduced their stakes in the company. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of EastGroup Properties in the first quarter valued at approximately $206,000. Foster & Motley Inc. raised its position in shares of EastGroup Properties by 3.6% in the second quarter. Foster & Motley Inc. now owns 42,960 shares of the real estate investment trust’s stock valued at $3,600,000 after purchasing an additional 1,497 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of EastGroup Properties by 8.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock valued at $163,000 after purchasing an additional 168 shares during the period. Geode Capital Management LLC raised its position in shares of EastGroup Properties by 3.6% in the first quarter. Geode Capital Management LLC now owns 287,237 shares of the real estate investment trust’s stock valued at $21,120,000 after purchasing an additional 10,062 shares during the period. Finally, Chicago Equity Partners LLC raised its position in shares of EastGroup Properties by 1.1% in the first quarter. Chicago Equity Partners LLC now owns 22,085 shares of the real estate investment trust’s stock valued at $1,624,000 after purchasing an additional 250 shares during the period. 97.98% of the stock is currently owned by institutional investors.

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EastGroup Properties Company Profile

EastGroup Properties, Inc is an equity real estate investment trust (REIT). 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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