EastGroup Properties (NYSE:EGP) Reaches New 12-Month High – Here’s Why

EastGroup Properties, Inc. (NYSE:EGP) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $207.01 and last traded at $206.79, with a volume of 107961 shares traded. The stock had previously closed at $205.16.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on EGP. Robert W. Baird boosted their price target on EastGroup Properties from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Wall Street Zen upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Truist Financial upped their target price on EastGroup Properties from $205.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Evercore set a $195.00 target price on EastGroup Properties in a report on Friday, April 24th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $217.00 target price on shares of EastGroup Properties in a report on Monday, April 27th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.33.

EastGroup Properties Stock Up 0.9%

The business has a 50-day moving average of $195.53 and a 200-day moving average of $187.93. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.19 and a current ratio of 0.19. The stock has a market capitalization of $11.13 billion, a price-to-earnings ratio of 37.65, a P/E/G ratio of 3.09 and a beta of 1.05.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Wednesday, April 22nd. The real estate investment trust reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.50. The firm had revenue of $190.26 million during the quarter, compared to the consensus estimate of $193.84 million. EastGroup Properties had a return on equity of 8.37% and a net margin of 39.69%.The company’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the company earned $2.15 EPS. EastGroup Properties has set its FY 2026 guidance at 9.460-9.660 EPS. On average, sell-side analysts expect that EastGroup Properties, Inc. will post 9.56 EPS for the current year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, June 30th. EastGroup Properties’s dividend payout ratio (DPR) is presently 112.73%.

Institutional Trading of EastGroup Properties

Hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Group LLC boosted its holdings in EastGroup Properties by 3.9% during the 4th quarter. Renaissance Group LLC now owns 1,437 shares of the real estate investment trust’s stock valued at $256,000 after acquiring an additional 54 shares during the period. Fifth Third Wealth Advisors LLC boosted its holdings in EastGroup Properties by 4.1% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,520 shares of the real estate investment trust’s stock valued at $281,000 after acquiring an additional 60 shares during the period. Azzad Asset Management Inc. ADV boosted its holdings in EastGroup Properties by 2.6% during the 4th quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust’s stock valued at $432,000 after acquiring an additional 62 shares during the period. Cetera Investment Advisers boosted its holdings in EastGroup Properties by 1.9% during the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after acquiring an additional 68 shares during the period. Finally, Larson Financial Group LLC boosted its holdings in EastGroup Properties by 35.6% during the 4th quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 69 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.