Morgan Stanley Cuts EastGroup Properties (NYSE:EGP) Price Target to $180.00

EastGroup Properties (NYSE:EGP) had its price objective decreased by Morgan Stanley from $186.00 to $180.00 in a research report sent to investors on Monday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the real estate investment trust’s stock.

Several other analysts also recently commented on EGP. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th. Evercore ISI increased their target price on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, October 7th. Barclays reduced their price target on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. Truist Financial decreased their price objective on EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a report on Wednesday, November 13th. Finally, Wedbush reissued an “outperform” rating and set a $209.00 target price on shares of EastGroup Properties in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $191.40.

EastGroup Properties Price Performance

NYSE:EGP opened at $160.49 on Monday. EastGroup Properties has a 12-month low of $155.23 and a 12-month high of $192.61. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 33.16, a P/E/G ratio of 2.23 and a beta of 0.99. The stock’s 50 day moving average price is $169.92 and its two-hundred day moving average price is $177.53. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. During the same quarter last year, the company posted $1.95 EPS. The firm’s revenue was up 11.2% on a year-over-year basis. On average, analysts anticipate that EastGroup Properties will post 8.35 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.40 per share. The ex-dividend date is Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.49%. EastGroup Properties’s dividend payout ratio is currently 115.70%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC increased its holdings in shares of EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 61 shares in the last quarter. Quest Partners LLC grew its position in EastGroup Properties by 10,400.0% during the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 208 shares during the last quarter. Headlands Technologies LLC acquired a new position in EastGroup Properties in the 2nd quarter worth about $66,000. GAMMA Investing LLC raised its position in EastGroup Properties by 90.7% in the third quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust’s stock valued at $100,000 after purchasing an additional 255 shares during the last quarter. Finally, Quarry LP acquired a new stake in shares of EastGroup Properties during the third quarter valued at about $102,000. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.