EastGroup Properties, Inc. (NYSE:EGP) Receives $188.36 Average Target Price from Analysts

EastGroup Properties, Inc. (NYSE:EGP) has earned an average recommendation of “Hold” from the eleven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold rating and three have assigned a 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 $188.36.

A number of research analysts have recently weighed in on EGP shares. Royal Bank of Canada increased their price objective on EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a report on Friday, February 16th. JPMorgan Chase & Co. started coverage on EastGroup Properties in a report on Thursday, April 11th. They set a “neutral” rating and a $190.00 target price on the stock. KeyCorp raised their target price on EastGroup Properties from $188.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, February 12th. Barclays assumed coverage on EastGroup Properties in a report on Wednesday, March 27th. They issued an “equal weight” rating and a $181.00 price objective on the stock. Finally, Truist Financial raised their target price on EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research report on Tuesday, February 20th.

EastGroup Properties Trading Down 2.6 %

EastGroup Properties stock opened at $162.02 on Friday. The stock has a 50-day moving average of $178.29 and a two-hundred day moving average of $175.36. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28. EastGroup Properties has a one year low of $154.75 and a one year high of $188.85. The stock has a market cap of $7.78 billion, a PE ratio of 36.74, a price-to-earnings-growth ratio of 2.67 and a beta of 0.93.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $1.27 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a yield of 3.14%. EastGroup Properties’s dividend payout ratio (DPR) is 115.19%.

Insider Activity

In related news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of EGP. Vanguard Group Inc. lifted its holdings in shares of EastGroup Properties by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock valued at $1,221,077,000 after purchasing an additional 120,746 shares during the last quarter. State Street Corp increased its stake in EastGroup Properties by 11.5% in the 1st quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock valued at $492,949,000 after purchasing an additional 248,538 shares in the last quarter. Morgan Stanley increased its stake in EastGroup Properties by 544.4% in the 4th quarter. Morgan Stanley now owns 2,044,292 shares of the real estate investment trust’s stock valued at $302,678,000 after purchasing an additional 1,727,071 shares in the last quarter. JPMorgan Chase & Co. increased its stake in EastGroup Properties by 1.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,276,420 shares of the real estate investment trust’s stock valued at $211,018,000 after purchasing an additional 15,667 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in EastGroup Properties by 4.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,071,442 shares of the real estate investment trust’s stock worth $197,014,000 after buying an additional 43,708 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.