EastGroup Properties (NYSE:EGP) Price Target Cut to $186.00 by Analysts at Truist Financial

EastGroup Properties (NYSE:EGP) had its target price reduced by Truist Financial from $190.00 to $186.00 in a report released on Wednesday morning,Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the stock. StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday, October 28th. Wells Fargo & Company decreased their price objective on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $175.00 to $200.00 in a report on Thursday, September 5th. Barclays decreased their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a report on Thursday, October 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $186.00 price objective on shares of EastGroup Properties in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, EastGroup Properties has an average rating of “Hold” and an average price target of $191.21.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $171.99 on Wednesday. The stock has a fifty day moving average of $180.51 and a 200-day moving average of $176.53. The stock has a market capitalization of $8.52 billion, a P/E ratio of 35.54, a price-to-earnings-growth ratio of 2.61 and a beta of 1.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.08 and a current ratio of 0.08. EastGroup Properties has a 52 week low of $155.23 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the company posted $1.95 earnings per share. On average, sell-side analysts expect that EastGroup Properties will post 8.35 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.40 dividend. The ex-dividend date was Monday, September 30th. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 3.26%. EastGroup Properties’s dividend payout ratio is 115.70%.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in 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 valued at $1,233,785,000 after purchasing an additional 210,207 shares during the period. State Street Corp grew its position in EastGroup Properties by 2.1% during the third quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust’s stock valued at $456,872,000 after buying an additional 49,268 shares during the period. FMR LLC increased its holdings in EastGroup Properties by 67.9% during the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock worth $291,081,000 after buying an additional 629,827 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in EastGroup Properties by 7.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after acquiring an additional 71,614 shares during the period. Finally, Boston Partners boosted its stake in EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after acquiring an additional 197,427 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

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.