EastGroup Properties, Inc. (NYSE:EGP – Get Free Report)’s stock price passed above its 50 day moving average during trading on Monday after an insider bought additional shares in the company. The stock has a 50 day moving average of $199.16 and traded as high as $202.51. EastGroup Properties shares last traded at $199.8160, with a volume of 498,931 shares.
Wall Street Analyst Weigh In
EGP has been the subject of a number of recent analyst reports. Truist Financial increased their price target on EastGroup Properties from $215.00 to $230.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Piper Sandler dropped their price objective on EastGroup Properties from $268.00 to $246.00 and set an “overweight” rating on the stock in a research note on Monday, October 12th. Wells Fargo & Company upped their target price on EastGroup Properties from $221.00 to $232.00 and gave the company an “overweight” rating in a research report on Tuesday, September 1st. BTIG Research raised their target price on EastGroup Properties from $218.00 to $235.00 and gave the stock a “buy” rating in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. raised EastGroup Properties from a “neutral” rating to an “overweight” rating and set a $231.00 target price for the company in a research note on Thursday, September 24th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $219.37.
Get Our Latest Stock Report on EGP
EastGroup Properties Trading Up 0.4%
The company has a market cap of $10.75 billion, a price-to-earnings ratio of 33.87, a P/E/G ratio of 4.17 and a beta of 1.00. The stock’s 50-day moving average is $199.16 and its 200-day moving average is $197.77.
EastGroup Properties (NYSE:EGP – Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.97). EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The company had revenue of $199.44 million during the quarter, compared to analyst estimates of $197.51 million. During the same quarter in the previous year, the business posted $2.27 earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, analysts predict that EastGroup Properties, Inc. will post 9.62 EPS for the current year.
EastGroup Properties Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $1.75 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.5%. EastGroup Properties’s payout ratio is currently 118.64%.
Institutional Trading of EastGroup Properties
Large investors have recently made changes to their positions in the company. Squarepoint Ops LLC boosted its holdings in EastGroup Properties by 415.1% in the second quarter. Squarepoint Ops LLC now owns 30,301 shares of the real estate investment trust’s stock worth $6,137,000 after acquiring an additional 24,419 shares in the last quarter. California State Teachers Retirement System grew its stake in EastGroup Properties by 22.7% in the first quarter. California State Teachers Retirement System now owns 62,095 shares of the real estate investment trust’s stock valued at $11,493,000 after acquiring an additional 11,504 shares during the period. B. Metzler seel. Sohn & Co. AG bought a new stake in shares of EastGroup Properties during the second quarter valued at approximately $3,753,000. Bank of America Corp DE bought a new stake in shares of EastGroup Properties during the second quarter valued at approximately $94,505,000. Finally, SummitTX Capital L.P. increased its holdings in shares of EastGroup Properties by 28.3% during the first quarter. SummitTX Capital L.P. now owns 21,577 shares of the real estate investment trust’s stock valued at $3,994,000 after acquiring an additional 4,758 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.
EastGroup Properties Company Profile
EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.
Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.
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