EastGroup Properties, Inc. (NYSE:EGP) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been given an average rating of “Moderate Buy” by the seventeen research firms that are presently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $219.71.

Several research analysts have commented on EGP shares. Barclays lifted their price target on EastGroup Properties from $210.00 to $228.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Truist Financial reduced their price objective on shares of EastGroup Properties from $230.00 to $215.00 and set a “buy” rating for the company in a research report on Friday. Weiss Ratings cut shares of EastGroup Properties from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 9th. Royal Bank Of Canada increased their price target on shares of EastGroup Properties from $208.00 to $220.00 and gave the company a “sector perform” rating in a report on Monday, August 3rd. Finally, Cantor Fitzgerald cut their price target on shares of EastGroup Properties from $235.00 to $220.00 and set an “overweight” rating for the company in a report on Monday, October 26th.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, CFO Staci Tyler sold 1,600 shares of the stock in a transaction dated Friday, October 23rd. The shares were sold at an average price of $201.69, for a total value of $322,704.00. Following the completion of the transaction, the chief financial officer directly owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. This trade represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors have recently modified their holdings of EGP. Chicago Partners Investment Group LLC increased its position in EastGroup Properties by 15.1% during the third quarter. Chicago Partners Investment Group LLC now owns 5,837 shares of the real estate investment trust’s stock worth $1,162,000 after buying an additional 765 shares in the last quarter. Provenance Wealth Advisors LLC lifted its holdings in EastGroup Properties by 22,016.7% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,327 shares of the real estate investment trust’s stock valued at $262,000 after purchasing an additional 1,321 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of EastGroup Properties in the third quarter valued at $296,000. MGO One Seven LLC grew its holdings in EastGroup Properties by 9.1% in the 3rd quarter. MGO One Seven LLC now owns 1,225 shares of the real estate investment trust’s stock valued at $242,000 after buying an additional 102 shares during the period. Finally, United Asset Strategies Inc. acquired a new position in EastGroup Properties during the third quarter worth approximately $212,000. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

EGP opened at $198.45 on Friday. The company has a market cap of $10.67 billion, a P/E ratio of 33.64, a PEG ratio of 3.98 and a beta of 1.00. EastGroup Properties has a one year low of $172.17 and a one year high of $226.71. The business’s 50-day simple moving average is $198.79 and its 200-day simple moving average is $198.05.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.97). EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The company had revenue of $199.44 million for the quarter, compared to analyst estimates of $197.51 million. During the same period in the previous year, the business posted $2.27 EPS. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, analysts predict that EastGroup Properties will post 9.64 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $1.75 per share. The ex-dividend date was Wednesday, September 30th. 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%. EastGroup Properties’s dividend payout ratio (DPR) is currently 118.64%.

EastGroup Properties Company Profile

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.