EastGroup Properties, Inc. (NYSE:EGP) Receives $221.68 Consensus Target Price from Analysts

EastGroup Properties, Inc. (NYSE:EGP) has been given an average recommendation of “Moderate Buy” by the eighteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $221.6842.

Several research firms have recently commented on EGP. Wells Fargo & Company lifted their price objective on shares of EastGroup Properties from $221.00 to $232.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $235.00 target price on shares of EastGroup Properties in a research note on Monday, July 27th. Morgan Stanley lifted their price target on EastGroup Properties from $215.00 to $231.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 27th. Barclays boosted their price target on EastGroup Properties from $210.00 to $228.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Robert W. Baird set a $221.00 price objective on EastGroup Properties in a report on Friday, July 31st.

EastGroup Properties Price Performance

Shares of EGP stock opened at $197.72 on Friday. EastGroup Properties has a fifty-two week low of $163.10 and a fifty-two week high of $226.71. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market capitalization of $10.63 billion, a price-to-earnings ratio of 34.69, a PEG ratio of 2.92 and a beta of 1.01. The stock’s 50-day simple moving average is $206.66 and its 200-day simple moving average is $200.37.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Wednesday, July 22nd. The real estate investment trust reported $1.40 EPS for the quarter, beating the consensus estimate of $1.31 by $0.09. The firm had revenue of $193.33 million during the quarter, compared to analyst estimates of $193.61 million. EastGroup Properties had a net margin of 40.47% and a return on equity of 8.61%. EastGroup Properties’s revenue was up 9.0% on a year-over-year basis. During the same period last year, the firm posted $2.21 EPS. EastGroup Properties has set its FY 2026 guidance at 9.520-9.660 EPS. As a group, equities analysts forecast that EastGroup Properties will post 9.6 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $1.75 dividend. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.55. This represents a $7.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Wednesday, September 30th. EastGroup Properties’s payout ratio is currently 108.77%.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its stake in shares of EastGroup Properties by 20,246.3% during the second quarter. California State Teachers Retirement System now owns 12,634,024 shares of the real estate investment trust’s stock worth $2,558,769,000 after purchasing an additional 12,571,929 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of EastGroup Properties in the second quarter valued at approximately $1,553,186,000. Norges Bank acquired a new stake in shares of EastGroup Properties in the fourth quarter valued at approximately $281,054,000. Deutsche Bank AG acquired a new stake in shares of EastGroup Properties in the second quarter valued at approximately $114,775,000. Finally, Bank of America Corp DE purchased a new position in EastGroup Properties during the second quarter worth approximately $94,505,000. 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.