Shares of EastGroup Properties, Inc. (NYSE:EGP) have received an average recommendation of “Hold” from the fourteen ratings firms that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $82.22.
Several equities analysts recently weighed in on EGP shares. Stifel Nicolaus reiterated a “hold” rating and set a $85.00 target price on shares of EastGroup Properties in a research report on Friday, July 28th. BidaskClub downgraded EastGroup Properties from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 21st. Zacks Investment Research upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $91.00 target price on the stock in a research report on Tuesday, July 11th. Cantor Fitzgerald reiterated a “hold” rating and set a $75.00 target price on shares of EastGroup Properties in a research report on Tuesday, July 25th. Finally, Bank of America Corporation upgraded EastGroup Properties from a “neutral” rating to a “buy” rating and increased their target price for the stock from $91.00 to $96.00 in a research report on Wednesday, August 16th.
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Large investors have recently made changes to their positions in the business. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in EastGroup Properties during the first quarter worth about $206,000. JPMorgan Chase & Co. increased its stake in EastGroup Properties by 2.8% during the second quarter. JPMorgan Chase & Co. now owns 2,450,299 shares of the real estate investment trust’s stock worth $205,335,000 after acquiring an additional 66,858 shares during the last quarter. Foster & Motley Inc. increased its stake in EastGroup Properties by 3.6% during the second quarter. Foster & Motley Inc. now owns 42,960 shares of the real estate investment trust’s stock worth $3,600,000 after acquiring an additional 1,497 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in EastGroup Properties by 8.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,220 shares of the real estate investment trust’s stock worth $163,000 after acquiring an additional 168 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in EastGroup Properties by 3.6% during the first quarter. Geode Capital Management LLC now owns 287,237 shares of the real estate investment trust’s stock worth $21,120,000 after acquiring an additional 10,062 shares during the last quarter. Institutional investors own 96.42% of the company’s stock.
Shares of EastGroup Properties (NYSE:EGP) traded up 0.47% during mid-day trading on Friday, hitting $90.32. The company’s stock had a trading volume of 66,553 shares. EastGroup Properties has a 12-month low of $63.99 and a 12-month high of $91.51. The stock has a 50-day moving average of $87.34 and a 200-day moving average of $81.53. The company has a market cap of $3.08 billion, a PE ratio of 37.85 and a beta of 0.98.
EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.60. EastGroup Properties had a return on equity of 12.05% and a net margin of 30.20%. The business had revenue of $67.90 million for the quarter, compared to the consensus estimate of $67.16 million. During the same period in the prior year, the business earned $0.99 earnings per share. The business’s revenue was up 9.7% on a year-over-year basis. On average, equities research analysts forecast that EastGroup Properties will post $2.42 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.64 per share. The ex-dividend date is Thursday, September 14th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.62. This represents a $2.56 annualized dividend and a yield of 2.85%. EastGroup Properties’s dividend payout ratio is currently 108.02%.
About EastGroup Properties
EastGroup Properties, Inc is an equity real estate investment trust (REIT). The Company is focused on the development, acquisition and operation of industrial properties in various Sunbelt markets across the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.
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