Barclays Raises EastGroup Properties (NYSE:EGP) Price Target to $198.00

EastGroup Properties (NYSE:EGP) had its target price upped by Barclays from $175.00 to $198.00 in a report published on Tuesday, Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also weighed in on the stock. Piper Sandler decreased their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an overweight rating for the company in a report on Monday, April 29th. Robert W. Baird decreased their price target on shares of EastGroup Properties from $195.00 to $175.00 and set an outperform rating for the company in a research note on Wednesday, May 1st. Evercore ISI dropped their price objective on EastGroup Properties from $190.00 to $178.00 and set an in-line rating on the stock in a research note on Thursday, April 25th. JPMorgan Chase & Co. decreased their target price on EastGroup Properties from $190.00 to $183.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. Finally, BNP Paribas assumed coverage on EastGroup Properties in a research report on Tuesday, June 4th. They set a neutral rating and a $167.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $186.07.

EastGroup Properties Stock Up 0.8 %

Shares of NYSE:EGP opened at $188.44 on Tuesday. The firm has a market capitalization of $9.18 billion, a PE ratio of 40.88, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The business has a 50 day simple moving average of $172.74 and a two-hundred day simple moving average of $173.63. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $192.61. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The business had revenue of $159.09 million for the quarter, compared to the consensus estimate of $156.70 million. During the same period in the prior year, the business posted $1.89 earnings per share. EastGroup Properties’s revenue was up 13.7% on a year-over-year basis. On average, equities analysts predict that EastGroup Properties will post 8.3 EPS for the current year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $1.27 per share. The ex-dividend date was Friday, June 28th. This represents a $5.08 annualized dividend and a dividend yield of 2.70%. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors have recently bought and sold shares of EGP. SYSTM Wealth Solutions LLC lifted its holdings in shares of EastGroup Properties by 24.2% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after purchasing an additional 65 shares during the last quarter. Venturi Wealth Management LLC increased its position in EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 66 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 80 shares during the last quarter. Securian Asset Management Inc. boosted its holdings in EastGroup Properties by 2.6% in the fourth quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock worth $724,000 after acquiring an additional 100 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of EastGroup Properties by 0.3% during the second quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust’s stock worth $5,328,000 after acquiring an additional 103 shares during the last quarter. 92.14% of the stock is currently 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.