EastGroup Properties (NYSE:EGP) Sets New 1-Year High – Here’s Why

EastGroup Properties, Inc. (NYSE:EGP)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $216.98 and last traded at $214.5930, with a volume of 432448 shares. The stock had previously closed at $212.24.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. BTIG Research raised their target price on EastGroup Properties from $218.00 to $235.00 and gave the company a “buy” rating in a report on Wednesday, July 1st. Wells Fargo & Company upped their price target on shares of EastGroup Properties from $213.00 to $221.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. Evercore set a $195.00 price target on shares of EastGroup Properties in a report on Friday, April 24th. Robert W. Baird raised their price objective on shares of EastGroup Properties from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Finally, KeyCorp boosted their price objective on shares of EastGroup Properties from $205.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. Twelve investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.59.

EastGroup Properties Price Performance

The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.45. The company has a market cap of $11.31 billion, a price-to-earnings ratio of 38.26, a price-to-earnings-growth ratio of 3.15 and a beta of 1.03. The company has a fifty day simple moving average of $203.60 and a two-hundred day simple moving average of $193.57.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.50. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The business had revenue of $190.26 million during the quarter, compared to the consensus estimate of $193.84 million. During the same quarter in the previous year, the company posted $2.15 EPS. The business’s revenue was up 9.1% on a year-over-year basis. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. On average, equities research analysts anticipate that EastGroup Properties, Inc. will post 9.58 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $1.55 per share. The ex-dividend date is Tuesday, June 30th. This represents a $6.20 dividend on an annualized basis and a yield of 2.9%. EastGroup Properties’s payout ratio is presently 112.73%.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, Director David Michael Fields sold 504 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $195.77, for a total value of $98,668.08. Following the sale, the director owned 3,531 shares of the company’s stock, valued at $691,263.87. This represents a 12.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of EGP. Cohen & Steers Inc. increased its position in EastGroup Properties by 7.0% during the fourth quarter. Cohen & Steers Inc. now owns 3,063,576 shares of the real estate investment trust’s stock worth $545,746,000 after buying an additional 200,617 shares in the last quarter. State Street Corp lifted its position in shares of EastGroup Properties by 0.6% in the third quarter. State Street Corp now owns 2,683,711 shares of the real estate investment trust’s stock valued at $458,320,000 after acquiring an additional 15,918 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of EastGroup Properties by 1.1% in the first quarter. Principal Financial Group Inc. now owns 2,328,714 shares of the real estate investment trust’s stock valued at $431,028,000 after acquiring an additional 24,910 shares in the last quarter. Norges Bank acquired a new stake in shares of EastGroup Properties during the fourth quarter valued at $281,054,000. Finally, Boston Partners boosted its stake in shares of EastGroup Properties by 2.1% during the third quarter. Boston Partners now owns 1,204,211 shares of the real estate investment trust’s stock valued at $203,834,000 after acquiring an additional 25,055 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.