EastGroup Properties, Inc. (NYSE:EGP) Receives $197.89 Average PT from Analysts

Shares of EastGroup Properties, Inc. (NYSE:EGP) have earned a consensus rating of “Moderate Buy” from the sixteen brokerages that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $200.1765.

EGP has been the subject of a number of research analyst reports. Wall Street Zen downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Barclays upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note on Thursday, December 4th. Morgan Stanley set a $205.00 target price on EastGroup Properties in a research note on Friday, January 16th. Citigroup boosted their price target on shares of EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Finally, Wells Fargo & Company raised their price objective on shares of EastGroup Properties from $187.00 to $196.00 and gave the stock an “overweight” rating in a report on Monday, November 10th.

EastGroup Properties Trading Down 0.7%

Shares of EGP stock opened at $191.55 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01. The company has a market capitalization of $10.22 billion, a price-to-earnings ratio of 39.33, a PEG ratio of 2.82 and a beta of 1.11. EastGroup Properties has a 52-week low of $137.67 and a 52-week high of $193.96. The company has a 50-day simple moving average of $184.20 and a two-hundred day simple moving average of $176.72.

EastGroup Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. EastGroup Properties’s payout ratio is 127.31%.

Hedge Funds Weigh In On EastGroup Properties

Institutional investors and hedge funds have recently bought and sold shares of the company. True Wealth Design LLC raised its stake in shares of EastGroup Properties by 159.7% in the third quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 99 shares during the period. State of Wyoming purchased a new stake in EastGroup Properties in the 2nd quarter worth about $27,000. MAI Capital Management raised its stake in EastGroup Properties by 83.7% in the 3rd quarter. MAI Capital Management now owns 180 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 82 shares during the period. Steigerwald Gordon & Koch Inc. purchased a new stake in EastGroup Properties during the third quarter valued at about $34,000. Finally, Mather Group LLC. purchased a new stake in EastGroup Properties during the third quarter valued at about $35,000. 92.14% of the stock is owned by 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.