EastGroup Properties, Inc. (NYSE:EGP) Receives $188.36 Consensus Price Target from Analysts

EastGroup Properties, Inc. (NYSE:EGP) has earned a consensus recommendation of “Hold” from the eleven brokerages that are presently covering the firm, Marketbeat.com reports. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $188.36.

EGP has been the topic of several recent research reports. Barclays began coverage on shares of EastGroup Properties in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $181.00 price objective on the stock. KeyCorp raised their target price on shares of EastGroup Properties from $188.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, February 12th. Mizuho restated a “neutral” rating and set a $185.00 target price on shares of EastGroup Properties in a report on Tuesday, April 2nd. Truist Financial raised their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a report on Tuesday, February 20th. Finally, JPMorgan Chase & Co. assumed coverage on shares of EastGroup Properties in a research note on Thursday, April 11th. They set a “neutral” rating and a $190.00 price target on the stock.

Insider Buying and Selling

In other news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the sale, the chief financial officer now owns 102,617 shares in the company, valued at $18,752,230.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of EastGroup Properties

A number of hedge funds have recently made changes to their positions in EGP. Pacer Advisors Inc. boosted its holdings in EastGroup Properties by 15.0% in the fourth quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock worth $11,293,000 after purchasing an additional 8,002 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in EastGroup Properties by 2.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock worth $66,414,000 after purchasing an additional 7,724 shares during the period. The Manufacturers Life Insurance Company raised its position in EastGroup Properties by 3.5% in the third quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock worth $45,370,000 after acquiring an additional 9,160 shares in the last quarter. Invesco Ltd. raised its position in EastGroup Properties by 12.7% in the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock worth $120,975,000 after acquiring an additional 81,636 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in EastGroup Properties by 1.3% in the third quarter. Vanguard Group Inc. now owns 6,532,176 shares of the real estate investment trust’s stock worth $1,087,803,000 after acquiring an additional 81,798 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

Shares of EGP opened at $162.02 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28. The stock has a market capitalization of $7.78 billion, a P/E ratio of 36.74, a P/E/G ratio of 2.67 and a beta of 0.93. The company’s fifty day moving average is $178.29 and its two-hundred day moving average is $175.36. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $1.27 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a dividend yield of 3.14%. EastGroup Properties’s dividend payout ratio is presently 115.19%.

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.