EastGroup Properties, Inc. (NYSE:EGP) Receives $183.38 Average Price Target from Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have received a consensus rating of “Hold” from the sixteen research firms that are presently covering the company, Marketbeat.com reports. Ten research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $182.41.

A number of equities analysts have recently commented on EGP shares. BMO Capital Markets started coverage on shares of EastGroup Properties in a report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price target on the stock. Truist Financial increased their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a report on Tuesday, February 20th. Royal Bank of Canada reduced their target price on shares of EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating on the stock in a report on Monday, May 6th. Piper Sandler reduced their target price on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Finally, BNP Paribas initiated coverage on shares of EastGroup Properties in a report on Tuesday. They set a “neutral” rating and a $167.00 target price on the stock.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors and hedge funds have recently modified their holdings of EGP. Norges Bank purchased a new stake in shares of EastGroup Properties in the 4th quarter worth about $103,931,000. Wellington Management Group LLP lifted its position in shares of EastGroup Properties by 113.1% in the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock worth $115,773,000 after purchasing an additional 368,954 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of EastGroup Properties in the 3rd quarter worth about $58,974,000. Boston Partners lifted its position in shares of EastGroup Properties by 42.7% in the 4th quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock worth $138,813,000 after purchasing an additional 226,169 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of EastGroup Properties by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after purchasing an additional 210,207 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $167.24 on Friday. The company’s fifty day moving average price is $165.20 and its 200-day moving average price is $174.57. The firm has a market capitalization of $8.05 billion, a price-to-earnings ratio of 36.28, a PEG ratio of 2.57 and a beta of 0.98. EastGroup Properties has a one year low of $154.75 and a one year high of $188.85. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $1.27 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.08 annualized dividend and a dividend yield of 3.04%. EastGroup Properties’s dividend payout ratio is 110.20%.

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.