EastGroup Properties' (EGP) "Sector Perform" Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reissued their sector perform rating on shares of EastGroup Properties (NYSE:EGP - Free Report) in a research report sent to investors on Wednesday, Benzinga reports. They currently have a $186.00 price objective on the real estate investment trust's stock.

Several other research analysts have also commented on EGP. KeyCorp boosted their price target on EastGroup Properties from $178.00 to $198.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 30th. Mizuho upgraded shares of EastGroup Properties from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Evercore ISI increased their price target on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an "outperform" rating in a research report on Monday, October 7th. Wells Fargo & Company raised shares of EastGroup Properties from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $179.00 to $214.00 in a research report on Wednesday, August 28th. Finally, Morgan Stanley boosted their price objective on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, EastGroup Properties currently has a consensus rating of "Hold" and an average target price of $192.57.

EastGroup Properties Stock Down 0.0 %

Shares of EGP traded down $0.02 during midday trading on Wednesday, reaching $174.02. 347,256 shares of the stock were exchanged, compared to its average volume of 298,832. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The company's 50 day moving average is $183.56 and its two-hundred day moving average is $175.47. The company has a market capitalization of $8.62 billion, a P/E ratio of 35.95, a PEG ratio of 2.70 and a beta of 0.99. EastGroup Properties has a 52 week low of $155.23 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.16% and a return on equity of 8.69%. The business had revenue of $162.88 million for the quarter, compared to analysts' expectations of $161.52 million. During the same period last year, the business posted $1.95 EPS. The company's revenue for the quarter was up 11.2% on a year-over-year basis. On average, sell-side analysts anticipate that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.22%. The ex-dividend date was Monday, September 30th. This is an increase from EastGroup Properties's previous quarterly dividend of $1.27. EastGroup Properties's payout ratio is presently 115.70%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC increased its holdings in EastGroup Properties by 47.7% in the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust's stock worth $35,000 after buying an additional 61 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of EastGroup Properties by 30.2% in the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust's stock worth $62,000 after acquiring an additional 80 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of EastGroup Properties by 7.1% in 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 acquiring an additional 90 shares during the period. Azzad Asset Management Inc. ADV raised 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 worth $389,000 after purchasing an additional 98 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in EastGroup Properties by 0.3% during the second quarter. Nisa Investment Advisors LLC now owns 31,093 shares of the real estate investment trust's stock valued at $5,328,000 after purchasing an additional 103 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

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.