EastGroup Properties (NYSE:EGP) Given New $205.00 Price Target at Evercore ISI

EastGroup Properties (NYSE:EGP) had its target price boosted by Evercore ISI from $204.00 to $205.00 in a report published on Monday morning, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

A number of other research firms have also recently weighed in on EGP. Morgan Stanley raised their price objective on EastGroup Properties from $158.00 to $186.00 and gave the stock an equal weight rating in a research report on Thursday, August 22nd. Truist Financial boosted their price target on EastGroup Properties from $176.00 to $190.00 and gave the stock a hold rating in a research note on Monday, August 5th. Barclays increased their price objective on shares of EastGroup Properties from $175.00 to $198.00 and gave the company an equal weight rating in a research report on Tuesday, July 30th. KeyCorp boosted their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the stock an overweight rating in a research report on Tuesday, July 30th. Finally, Mizuho raised shares of EastGroup Properties from a neutral rating to an outperform rating and raised their price target for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $191.73.

EastGroup Properties Price Performance

EGP opened at $176.04 on Monday. The firm has a market capitalization of $8.48 billion, a PE ratio of 38.19, a price-to-earnings-growth ratio of 2.83 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. The business’s 50-day moving average is $184.43 and its two-hundred day moving average is $175.15. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $192.61.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm had revenue of $159.09 million during the quarter, compared to analysts’ expectations of $156.70 million. During the same period in the previous year, the firm earned $1.89 EPS. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. Research analysts anticipate that EastGroup Properties will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $1.40 per share. The ex-dividend date is Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 dividend on an annualized basis and a yield of 3.18%. EastGroup Properties’s payout ratio is currently 121.48%.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGP. Gradient Investments LLC purchased a new stake in shares of EastGroup Properties in the second quarter worth about $32,000. Quest Partners LLC boosted its position in EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 208 shares in the last quarter. Mather Group LLC. purchased a new stake in EastGroup Properties in the 1st quarter worth approximately $42,000. Quarry LP acquired a new stake in shares of EastGroup Properties during the 4th quarter worth approximately $62,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of EastGroup Properties by 30.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after purchasing an additional 80 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.