Wells Fargo & Company Issues Pessimistic Forecast for EastGroup Properties (NYSE:EGP) Stock Price

EastGroup Properties (NYSE:EGP) had its price target decreased by Wells Fargo & Company from $214.00 to $199.00 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the stock. Morgan Stanley increased their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a research note on Wednesday, October 30th. Truist Financial upped their price target on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Barclays decreased their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a report on Thursday, October 10th. Finally, Wedbush reissued an “outperform” rating and set a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $191.50.

EastGroup Properties Stock Down 0.8 %

NYSE EGP opened at $173.66 on Monday. The stock’s 50 day simple moving average is $181.95 and its 200 day simple moving average is $175.78. EastGroup Properties has a one year low of $155.23 and a one year high of $192.61. The firm has a market cap of $8.60 billion, a PE ratio of 35.88, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.95 earnings per share. As a group, sell-side analysts forecast that EastGroup Properties will post 8.35 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.40 dividend. The ex-dividend date was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a yield of 3.22%. EastGroup Properties’s dividend payout ratio (DPR) is 115.70%.

Institutional Trading of EastGroup Properties

Large investors have recently made changes to their positions in the company. Gradient Investments LLC acquired a new position in EastGroup Properties in the second quarter valued at about $32,000. V Square Quantitative Management LLC lifted its holdings in shares of EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares in the last quarter. Quest Partners LLC grew its position in shares of EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 208 shares during the period. EverSource Wealth Advisors LLC increased its stake in EastGroup Properties by 30.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 80 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in EastGroup Properties during the 2nd quarter worth approximately $66,000. Institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

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.