EastGroup Properties, Inc. (NYSE:EGP) Given Average Rating of “Moderate Buy” by Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have earned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $200.1765.

EGP has been the subject of a number of recent research reports. Robert W. Baird set a $203.00 price objective on shares of EastGroup Properties in a research note on Wednesday, February 11th. Truist Financial increased their price target on shares of EastGroup Properties from $203.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. Mizuho reiterated a “neutral” rating and issued a $172.00 price target (down previously from $180.00) on shares of EastGroup Properties in a research report on Thursday, December 4th. Wall Street Zen downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Finally, Citigroup raised their price objective on EastGroup Properties from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EGP. Norges Bank bought a new stake in shares of EastGroup Properties in the 4th quarter worth about $281,054,000. Principal Financial Group Inc. raised its position in EastGroup Properties by 43.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock worth $336,076,000 after purchasing an additional 602,253 shares during the period. Invesco Ltd. lifted its stake in EastGroup Properties by 89.5% in the second quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock worth $155,015,000 after purchasing an additional 438,117 shares during the last quarter. Alyeska Investment Group L.P. boosted its position in shares of EastGroup Properties by 98.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 566,295 shares of the real estate investment trust’s stock valued at $100,880,000 after buying an additional 280,819 shares during the period. Finally, Centersquare Investment Management LLC grew its stake in shares of EastGroup Properties by 619.9% during the third quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock valued at $50,324,000 after buying an additional 256,019 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Trading Up 1.1%

EGP stock opened at $192.81 on Tuesday. The firm has a fifty day moving average price of $184.04 and a 200 day moving average price of $176.42. EastGroup Properties has a fifty-two week low of $137.67 and a fifty-two week high of $193.68. The firm has a market cap of $10.28 billion, a PE ratio of 39.59, a price-to-earnings-growth ratio of 2.82 and a beta of 1.11. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $1.55 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 dividend on an annualized basis and a yield of 3.2%. EastGroup Properties’s dividend payout ratio (DPR) is currently 127.31%.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.