EastGroup Properties (NYSE:EGP) Stock Gets Price Target Trim from JPMorgan Chase & Co.

EastGroup Properties (NYSE:EGP) had its price target reduced by JPMorgan Chase & Co. from $231.00 to $220.00 in a research report report published on Thursday,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on EGP. Piper Sandler lowered their target price on shares of EastGroup Properties from $268.00 to $246.00 and set an “overweight” rating for the company in a research note on Monday, October 12th. Citigroup upped their price target on EastGroup Properties from $235.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Barclays increased their price objective on EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Evercore set a $199.00 price objective on EastGroup Properties in a research report on Friday, October 2nd. Finally, Royal Bank Of Canada boosted their target price on EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Monday, August 3rd. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $219.71.

EastGroup Properties Stock Performance

EGP stock opened at $198.45 on Thursday. The firm has a market cap of $10.67 billion, a price-to-earnings ratio of 33.64, a PEG ratio of 3.98 and a beta of 1.00. The firm has a 50-day simple moving average of $198.79 and a two-hundred day simple moving average of $198.05. EastGroup Properties has a one year low of $172.17 and a one year high of $226.71.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.97). EastGroup Properties had a net margin of 41.05% and a return on equity of 8.90%. The firm had revenue of $199.44 million during the quarter, compared to the consensus estimate of $197.51 million. During the same quarter in the prior year, the business posted $2.27 earnings per share. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, equities analysts predict that EastGroup Properties will post 9.64 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Wednesday, September 30th. EastGroup Properties’s dividend payout ratio is presently 118.64%.

Insider Activity

In related news, CFO Staci Tyler sold 1,600 shares of the company’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $201.69, for a total value of $322,704.00. Following the transaction, the chief financial officer directly owned 13,584 shares of the company’s stock, valued at $2,739,756.96. This represents a 10.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by insiders.

Institutional Trading of EastGroup Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGP. Chicago Partners Investment Group LLC raised its position in EastGroup Properties by 15.1% during the third quarter. Chicago Partners Investment Group LLC now owns 5,837 shares of the real estate investment trust’s stock valued at $1,162,000 after acquiring an additional 765 shares in the last quarter. Provenance Wealth Advisors LLC grew its stake in EastGroup Properties by 22,016.7% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,327 shares of the real estate investment trust’s stock valued at $262,000 after acquiring an additional 1,321 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in EastGroup Properties in the 3rd quarter worth $296,000. MGO One Seven LLC increased its holdings in EastGroup Properties by 9.1% in the 3rd quarter. MGO One Seven LLC now owns 1,225 shares of the real estate investment trust’s stock worth $242,000 after acquiring an additional 102 shares in the last quarter. Finally, United Asset Strategies Inc. purchased a new stake in EastGroup Properties in the 3rd quarter worth $212,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a 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.