EastGroup Properties, Inc. (NYSE:EGP) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the seventeen analysts that are covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $191.65.

EGP has been the topic of several analyst reports. Jefferies Financial Group upgraded EastGroup Properties from a "hold" rating to a "buy" rating and lifted their price target for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. Truist Financial lifted their target price on shares of EastGroup Properties from $168.00 to $180.00 and gave the stock a "hold" rating in a research note on Friday, February 14th. Robert W. Baird increased their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They set a "buy" rating and a $180.00 price target on the stock. Finally, Morgan Stanley lowered their price objective on EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating for the company in a research report on Monday, December 30th.

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Hedge Funds Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Crowley Wealth Management Inc. purchased a new position in EastGroup Properties in the fourth quarter worth approximately $29,000. Canton Hathaway LLC acquired a new stake in shares of EastGroup Properties in the 4th quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of EastGroup Properties by 503.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock worth $58,000 after purchasing an additional 302 shares during the last quarter. Principal Securities Inc. grew its stake in shares of EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after purchasing an additional 84 shares in the last quarter. Finally, Quarry LP purchased a new position in EastGroup Properties in the third quarter valued at $102,000. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Price Performance

Shares of NYSE EGP traded down $1.04 during mid-day trading on Tuesday, reaching $184.51. The company's stock had a trading volume of 562,513 shares, compared to its average volume of 321,343. The stock has a 50-day moving average of $171.00 and a two-hundred day moving average of $175.36. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $9.60 billion, a P/E ratio of 39.68, a P/E/G ratio of 3.35 and a beta of 0.99. EastGroup Properties has a 1-year low of $155.10 and a 1-year high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. On average, equities research analysts anticipate that EastGroup Properties will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.04%. EastGroup Properties's dividend payout ratio (DPR) is 120.43%.

EastGroup Properties Company Profile

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.