Eastgroup Properties Inc (NYSE:EGP) Given Average Rating of “Hold” by Brokerages

Eastgroup Properties Inc (NYSE:EGP) has been given a consensus rating of “Hold” by the ten brokerages that are presently covering the company, Marketbeat.com reports. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $100.03.

Several research analysts recently weighed in on EGP shares. Morgan Stanley upped their target price on shares of Eastgroup Properties from $105.00 to $110.00 and gave the stock an “equal weight” rating in a report on Monday, June 3rd. Zacks Investment Research downgraded shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday, June 5th.

In related news, Director David H. Hoster II sold 942 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $110.83, for a total value of $104,401.86. Following the completion of the transaction, the director now owns 174,588 shares of the company’s stock, valued at approximately $19,349,588.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.00% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Eastgroup Properties in the 4th quarter valued at about $38,078,000. Vanguard Group Inc lifted its holdings in shares of Eastgroup Properties by 2.2% in the 3rd quarter. Vanguard Group Inc now owns 5,502,403 shares of the real estate investment trust’s stock valued at $526,140,000 after acquiring an additional 116,567 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Eastgroup Properties by 19.5% in the 4th quarter. Macquarie Group Ltd. now owns 674,957 shares of the real estate investment trust’s stock valued at $61,914,000 after acquiring an additional 109,969 shares during the last quarter. AJO LP bought a new position in shares of Eastgroup Properties in the 1st quarter valued at about $5,951,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Eastgroup Properties by 11.4% in the 4th quarter. Geode Capital Management LLC now owns 480,444 shares of the real estate investment trust’s stock valued at $44,071,000 after acquiring an additional 49,158 shares during the last quarter. 94.38% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:EGP traded up $2.21 during midday trading on Friday, hitting $115.98. The company had a trading volume of 729,348 shares, compared to its average volume of 290,898. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.02 and a current ratio of 0.02. The firm has a market cap of $4.26 billion, a P/E ratio of 24.84, a price-to-earnings-growth ratio of 4.48 and a beta of 0.82. Eastgroup Properties has a 12-month low of $87.69 and a 12-month high of $119.13. The business has a fifty day simple moving average of $113.85.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Monday, April 22nd. The real estate investment trust reported $1.20 EPS for the quarter, topping the consensus estimate of $1.18 by $0.02. The firm had revenue of $78.79 million during the quarter, compared to analyst estimates of $78.83 million. Eastgroup Properties had a return on equity of 9.19% and a net margin of 26.82%. Eastgroup Properties’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.16 EPS. On average, equities analysts expect that Eastgroup Properties will post 4.88 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 2.48%. The ex-dividend date is Thursday, June 27th. Eastgroup Properties’s dividend payout ratio is currently 61.67%.

Eastgroup Properties Company Profile

EastGroup Properties, Inc 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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Analyst Recommendations for Eastgroup Properties (NYSE:EGP)

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