EastGroup Properties (NYSE:EGP) Given New $209.00 Price Target at Wedbush

EastGroup Properties (NYSE:EGP) had its price objective boosted by Wedbush from $208.00 to $209.00 in a research note published on Monday, Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock. Wedbush also issued estimates for EastGroup Properties’ Q4 2024 earnings at $2.17 EPS, FY2024 earnings at $8.34 EPS and FY2025 earnings at $9.04 EPS.

A number of other equities research analysts have also commented on EGP. Truist Financial upped their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a hold rating in a research note on Monday. KeyCorp increased their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an overweight rating in a research note on Tuesday, July 30th. Barclays increased their target price on shares of EastGroup Properties from $175.00 to $198.00 and gave the stock an equal weight rating in a research note on Tuesday, July 30th. BMO Capital Markets began coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They set an outperform rating and a $190.00 target price on the stock. Finally, Royal Bank of Canada increased their target price on shares of EastGroup Properties from $172.00 to $186.00 and gave the stock a sector perform rating in a research note on Tuesday, July 30th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $186.85.

EastGroup Properties Price Performance

EGP stock opened at $181.32 on Monday. 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 has a 1 year low of $154.75 and a 1 year high of $192.61. The company has a 50 day simple moving average of $175.48 and a 200 day simple moving average of $173.83. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 39.33, a P/E/G ratio of 2.93 and a beta of 0.98.

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

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $1.27 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $5.08 dividend on an annualized basis and a yield of 2.80%. EastGroup Properties’s dividend payout ratio is presently 110.20%.

Hedge Funds Weigh In On EastGroup Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in EastGroup Properties during the fourth quarter worth about $31,000. Gradient Investments LLC bought a new position in EastGroup Properties during the second quarter worth about $32,000. Quest Partners LLC boosted its position in EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 208 shares during the period. Mather Group LLC. bought a new position in EastGroup Properties during the first quarter worth about $42,000. Finally, EverSource Wealth Advisors LLC boosted its position in EastGroup Properties by 1,938.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 252 shares during the period. Institutional investors own 92.14% of the company’s stock.

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.