EastGroup Properties, Inc. (NYSE:EGP) Stock Has Consensus Target Price of $220.16 According to Analysts

Shares of EastGroup Properties, Inc. (NYSE:EGP) have earned a consensus rating of “Moderate Buy” from the seventeen brokerages that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $220.59.

EGP has been the topic of several research reports. Royal Bank Of Canada boosted their price target on shares of EastGroup Properties from $208.00 to $220.00 and gave the stock a “sector perform” rating in a research report on Monday, August 3rd. Wells Fargo & Company increased their price objective on shares of EastGroup Properties from $221.00 to $232.00 and gave the company an “overweight” rating in a research report on Tuesday, September 1st. Evercore set a $199.00 price objective on shares of EastGroup Properties in a research note on Friday, October 2nd. Cantor Fitzgerald reduced their target price on shares of EastGroup Properties from $235.00 to $220.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Barclays upped their target price on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th.

Insiders Place Their Bets

In other EastGroup Properties news, CFO Staci Tyler sold 1,600 shares of the business’s stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of $201.69, for a total transaction of $322,704.00. Following the sale, the chief financial officer directly owned 13,584 shares of the company’s stock, valued at $2,739,756.96. The trade was a 10.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in EastGroup Properties during the 3rd quarter valued at $296,000. MGO One Seven LLC boosted its stake in EastGroup Properties by 9.1% during the third quarter. MGO One Seven LLC now owns 1,225 shares of the real estate investment trust’s stock worth $242,000 after buying an additional 102 shares during the period. United Asset Strategies Inc. purchased a new position in EastGroup Properties during the third quarter worth $212,000. Choreo LLC boosted its stake in EastGroup Properties by 11.5% during the third quarter. Choreo LLC now owns 2,587 shares of the real estate investment trust’s stock worth $511,000 after buying an additional 266 shares during the period. Finally, Interchange Capital Partners LLC increased its position in EastGroup Properties by 8.7% during the third quarter. Interchange Capital Partners LLC now owns 1,776 shares of the real estate investment trust’s stock valued at $351,000 after acquiring an additional 142 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Trading Up 2.5%

Shares of EGP stock opened at $199.99 on Friday. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 33.90, a price-to-earnings-growth ratio of 3.90 and a beta of 1.00. EastGroup Properties has a 12-month low of $172.17 and a 12-month high of $226.71. The stock’s 50-day moving average price is $198.85 and its 200-day moving average price is $197.97.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.97). The firm had revenue of $199.44 million for the quarter, compared to analysts’ expectations of $197.51 million. EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the company earned $2.27 earnings per share. As a group, research analysts predict that EastGroup Properties will post 9.63 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a $1.75 dividend. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.55. This represents a $7.00 annualized dividend and a yield of 3.5%. The ex-dividend date was Wednesday, September 30th. EastGroup Properties’s dividend payout ratio (DPR) is 118.64%.

About EastGroup Properties

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.