EastGroup Properties (NYSE:EGP) Price Target Cut to $180.00 by Analysts at Morgan Stanley

EastGroup Properties (NYSE:EGP - Free Report) had its price target lowered by Morgan Stanley from $186.00 to $180.00 in a research note issued to investors on Monday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the real estate investment trust's stock.

EGP has been the subject of several other research reports. Barclays lowered their price target on shares of EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating for the company in a research report on Thursday, October 10th. Royal Bank of Canada restated a "sector perform" rating and issued a $186.00 price target on shares of EastGroup Properties in a research note on Wednesday, October 30th. Truist Financial cut their price target on EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a report on Wednesday, November 13th. Wells Fargo & Company decreased their price objective on EastGroup Properties from $214.00 to $199.00 and set an "overweight" rating for the company in a report on Monday, November 4th. Finally, Evercore ISI lifted their target price on EastGroup Properties from $204.00 to $205.00 and gave the company an "outperform" rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $191.40.

EastGroup Properties Stock Performance

EastGroup Properties stock traded down $0.19 during mid-day trading on Monday, reaching $161.13. The company's stock had a trading volume of 262,090 shares, compared to its average volume of 303,315. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties has a twelve month low of $155.23 and a twelve month high of $192.61. The business has a 50 day moving average price of $171.09 and a 200-day moving average price of $177.72. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of 33.29, a PEG ratio of 2.23 and a beta of 0.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business had revenue of $162.88 million for the quarter, compared to the consensus estimate of $161.52 million. During the same period in the prior year, the company earned $1.95 EPS. EastGroup Properties's quarterly revenue was up 11.2% on a year-over-year basis. Sell-side analysts predict that EastGroup Properties will post 8.35 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.40 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.48%. EastGroup Properties's dividend payout ratio is currently 115.70%.

Institutional Trading of EastGroup Properties

Large investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC increased its holdings in shares of EastGroup Properties by 47.7% in the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 61 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of EastGroup Properties by 7.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust's stock worth $252,000 after purchasing an additional 90 shares during the period. Azzad Asset Management Inc. ADV lifted its holdings in shares of EastGroup Properties by 4.9% during the third quarter. Azzad Asset Management Inc. ADV now owns 2,085 shares of the real estate investment trust's stock valued at $389,000 after purchasing an additional 98 shares during the last quarter. UMB Bank n.a. boosted its position in shares of EastGroup Properties by 7.7% in the 3rd quarter. UMB Bank n.a. now owns 1,598 shares of the real estate investment trust's stock valued at $299,000 after purchasing an additional 114 shares during the period. Finally, Creative Planning increased its stake in EastGroup Properties by 4.8% in the 3rd quarter. Creative Planning now owns 2,555 shares of the real estate investment trust's stock worth $477,000 after purchasing an additional 117 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

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.