EastGroup Properties (NYSE:EGP) Price Target Raised to $230.00

EastGroup Properties (NYSE:EGP) had its price objective boosted by Truist Financial from $215.00 to $230.00 in a research note released on Tuesday morning, MarketBeat reports. The firm currently has a buy rating on the real estate investment trust’s stock.

EGP has been the subject of a number of other research reports. KeyCorp increased their price objective on EastGroup Properties from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Royal Bank Of Canada upped their price target on shares of EastGroup Properties from $195.00 to $208.00 and gave the company a “sector perform” rating in a report on Tuesday, April 28th. Citigroup increased their price target on shares of EastGroup Properties from $235.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, July 24th. BTIG Research raised their price target on shares of EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of EastGroup Properties in a research note on Tuesday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average price target of $219.89.

EastGroup Properties Trading Up 0.4%

NYSE EGP opened at $209.38 on Tuesday. EastGroup Properties has a 1-year low of $159.37 and a 1-year high of $226.71. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average of $207.08 and a 200-day moving average of $197.08. The firm has a market cap of $11.26 billion, a PE ratio of 36.73, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.09. The business had revenue of $193.33 million for the quarter, compared to analyst estimates of $193.61 million. EastGroup Properties had a return on equity of 8.61% and a net margin of 40.47%.EastGroup Properties’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period last year, the company earned $2.21 EPS. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. As a group, sell-side analysts forecast that EastGroup Properties will post 9.6 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $1.55 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $6.20 annualized dividend and a yield of 3.0%. EastGroup Properties’s payout ratio is 108.77%.

Insider Transactions at EastGroup Properties

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

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors and hedge funds have recently modified their holdings of the stock. State of Wyoming purchased a new position in shares of EastGroup Properties during the second quarter valued at about $27,000. Glen Eagle Advisors LLC lifted its holdings in EastGroup Properties by 96.3% in the first quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust’s stock worth $39,000 after buying an additional 104 shares during the period. Parallel Advisors LLC lifted its holdings in EastGroup Properties by 53.5% in the third quarter. Parallel Advisors LLC now owns 244 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 85 shares during the period. Clearstead Advisors LLC boosted its position in EastGroup Properties by 114.9% during the 4th quarter. Clearstead Advisors LLC now owns 260 shares of the real estate investment trust’s stock valued at $46,000 after acquiring an additional 139 shares in the last quarter. Finally, Avalon Trust Co bought a new stake in EastGroup Properties during the 1st quarter valued at approximately $46,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

About EastGroup Properties

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.