EastGroup Properties (NYSE:EGP) Price Target Raised to $205.00

EastGroup Properties (NYSE:EGP) had its price objective hoisted by Truist Financial from $203.00 to $205.00 in a report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

Several other research firms also recently issued reports on EGP. Barclays upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating in a research note on Thursday, December 4th. Citigroup upped their price target on shares of EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Mizuho reissued a “neutral” rating and issued a $172.00 price objective (down from $180.00) on shares of EastGroup Properties in a research report on Thursday, December 4th. BNP Paribas Exane upgraded EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 price objective on the stock in a research note on Monday, October 27th. Finally, Wells Fargo & Company upped their target price on EastGroup Properties from $187.00 to $196.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, EastGroup Properties has an average rating of “Moderate Buy” and a consensus target price of $200.18.

EastGroup Properties Price Performance

EGP stock opened at $190.78 on Tuesday. The stock has a 50-day moving average price of $183.83 and a two-hundred day moving average price of $176.13. EastGroup Properties has a 12-month low of $137.67 and a 12-month high of $193.68. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.17 billion, a PE ratio of 39.17, a price-to-earnings-growth ratio of 2.79 and a beta of 1.11.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio is 127.31%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its position in shares of EastGroup Properties by 14.9% in the 4th quarter. Invesco Ltd. now owns 1,024,829 shares of the real estate investment trust’s stock worth $182,563,000 after purchasing an additional 132,878 shares during the last quarter. Corient Private Wealth LLC increased its holdings in EastGroup Properties by 623.9% in the fourth quarter. Corient Private Wealth LLC now owns 174,997 shares of the real estate investment trust’s stock valued at $31,174,000 after buying an additional 150,822 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in EastGroup Properties by 7.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 31,699 shares of the real estate investment trust’s stock valued at $5,647,000 after buying an additional 2,136 shares in the last quarter. First Citizens Bank & Trust Co. lifted its holdings in EastGroup Properties by 1.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 4,320 shares of the real estate investment trust’s stock worth $770,000 after buying an additional 76 shares during the last quarter. Finally, State of Tennessee Department of Treasury lifted its holdings in EastGroup Properties by 3.4% during the 4th quarter. State of Tennessee Department of Treasury now owns 135,200 shares of the real estate investment trust’s stock worth $24,558,000 after buying an additional 4,430 shares during the last quarter. 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.