Analysts Set EastGroup Properties, Inc. (NYSE:EGP) Target Price at $209.22

EastGroup Properties, Inc. (NYSE:EGPGet Rating) has earned a consensus recommendation of “Hold” from the twelve research firms that are currently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $205.33.

EGP has been the subject of several recent research reports. Wells Fargo & Company lowered their price objective on shares of EastGroup Properties from $220.00 to $184.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 15th. Mizuho decreased their price target on shares of EastGroup Properties from $215.00 to $180.00 and set a “na” rating for the company in a research note on Tuesday. StockNews.com assumed coverage on shares of EastGroup Properties in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research downgraded shares of EastGroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, April 15th. Finally, Piper Sandler decreased their price target on shares of EastGroup Properties from $245.00 to $230.00 in a research note on Wednesday, May 4th.

Several institutional investors have recently made changes to their positions in EGP. BlackRock Inc. grew its position in EastGroup Properties by 22.4% in the 4th quarter. BlackRock Inc. now owns 6,579,597 shares of the real estate investment trust’s stock valued at $1,499,159,000 after buying an additional 1,203,642 shares during the last quarter. Norges Bank purchased a new position in EastGroup Properties in the 4th quarter valued at $85,438,000. State Street Corp grew its position in EastGroup Properties by 11.5% in the 1st quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock valued at $492,949,000 after buying an additional 248,538 shares during the last quarter. Millennium Management LLC grew its position in EastGroup Properties by 153.2% in the 4th quarter. Millennium Management LLC now owns 326,670 shares of the real estate investment trust’s stock valued at $74,432,000 after buying an additional 197,667 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new position in EastGroup Properties in the 4th quarter valued at $43,732,000. 91.02% of the stock is currently owned by institutional investors and hedge funds.

EGP stock traded up $0.23 during mid-day trading on Friday, hitting $156.27. 3,088 shares of the company were exchanged, compared to its average volume of 400,453. The company has a quick ratio of 0.05, a current ratio of 0.05 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $6.51 billion, a P/E ratio of 32.92, a PEG ratio of 3.22 and a beta of 0.87. The business has a fifty day simple moving average of $192.55 and a 200-day simple moving average of $199.93. EastGroup Properties has a 12-month low of $150.91 and a 12-month high of $229.84.

EastGroup Properties (NYSE:EGPGet Rating) last posted its quarterly earnings data on Tuesday, April 26th. The real estate investment trust reported $0.81 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.81). EastGroup Properties had a net margin of 45.65% and a return on equity of 12.84%. During the same quarter in the previous year, the business posted $1.45 earnings per share. Research analysts predict that EastGroup Properties will post 6.79 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, March 31st were issued a $1.10 dividend. The ex-dividend date was Wednesday, March 30th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.82%. EastGroup Properties’s payout ratio is 92.83%.

About EastGroup Properties (Get Rating)

EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

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