EastGroup Properties Upgraded by Sandler O’Neill to “Buy” (EGP)

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EastGroup Properties (NYSE: EGP) was upgraded by Sandler O’Neill to a “buy” rating in a research note issued on Monday, Analyst Ratings Network reports.

Shares of EastGroup Properties (NYSE: EGP) opened at 58.58 on Monday. EastGroup Properties has a one year low of $48.89 and a one year high of $66.99. The stock’s 50-day moving average is currently $62.54. The company has a market cap of $1.756 billion and a P/E ratio of 49.98.

EastGroup Properties (NYSE: EGP) last released its earnings data on Thursday, April 18th. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by $0.01. The company had revenue of $48.30 million for the quarter, compared to the consensus estimate of $47.24 million. During the same quarter in the previous year, the company posted $0.77 earnings per share. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. EastGroup Properties has set its Q2 guidance at $0.76-0.78 EPS and its FY13 guidance at $3.10-3.20 EPS. Analysts expect that EastGroup Properties will post $3.15 EPS for the current fiscal year.

A number of other analysts have also recently weighed in on EGP. Analysts at BMO Capital Markets raised their price target on shares of EastGroup Properties from $56.00 to $68.00 in a research note to investors on Friday, May 17th. They now have a “market perform” rating on the stock. Separately, analysts at Raymond James raised their price target on shares of EastGroup Properties from $61.00 to $65.00 in a research note to investors on Monday, April 22nd. They now have an “outperform” rating on the stock. Finally, analysts at Morgan Stanley upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note to investors on Tuesday, April 16th.

Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $62.67.

The company also recently announced a quarterly dividend, which is scheduled for Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.62%. The ex-dividend date is Wednesday, June 12th.

EastGroup Properties, Inc. (NYSE: EGP) is an equity real estate investment trust (REIT).

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