EastGroup Properties (NYSE:EGP) Price Target Raised to $196.00

EastGroup Properties (NYSE:EGP) had its price objective hoisted by Wells Fargo & Company from $187.00 to $196.00 in a research report released on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

EGP has been the subject of several other research reports. Cantor Fitzgerald increased their price target on EastGroup Properties from $190.00 to $200.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Evercore ISI cut their target price on shares of EastGroup Properties from $180.00 to $179.00 and set an “in-line” rating for the company in a research report on Monday, October 6th. BNP Paribas upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 target price for the company in a research note on Monday, October 27th. Royal Bank Of Canada set a $183.00 price target on shares of EastGroup Properties and gave the company a “sector perform” rating in a research note on Tuesday, October 28th. Finally, Industrial Alliance Securities set a $200.00 price objective on shares of EastGroup Properties in a report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $190.80.

EastGroup Properties Stock Down 0.9%

EGP opened at $177.87 on Monday. EastGroup Properties has a twelve month low of $137.67 and a twelve month high of $188.89. The company’s 50-day moving average price is $172.08 and its two-hundred day moving average price is $168.97. The stock has a market cap of $9.49 billion, a price-to-earnings ratio of 37.37, a PEG ratio of 3.67 and a beta of 1.04. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.42.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings results on Thursday, October 23rd. The real estate investment trust reported $2.27 EPS for the quarter, missing analysts’ consensus estimates of $2.28 by ($0.01). EastGroup Properties had a return on equity of 7.28% and a net margin of 35.58%.The company had revenue of $182.14 million during the quarter, compared to the consensus estimate of $181.88 million. During the same period last year, the firm posted $2.13 EPS. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. EastGroup Properties has set its FY 2025 guidance at 8.940-8.980 EPS. Q4 2025 guidance at 2.300-2.340 EPS. As a group, equities analysts expect that EastGroup Properties will post 8.94 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a dividend of $1.55 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $6.20 dividend on an annualized basis and a yield of 3.5%. EastGroup Properties’s payout ratio is currently 130.25%.

Insider Buying and Selling

In other news, EVP Richard Reid Dunbar sold 2,000 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the transaction, the executive vice president directly owned 20,630 shares in the company, valued at $3,610,250. The trade was a 8.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EastGroup Properties

Several large investors have recently added to or reduced their stakes in EGP. True Wealth Design LLC grew its position in EastGroup Properties by 159.7% during the third quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 99 shares in the last quarter. State of Wyoming purchased a new position in shares of EastGroup Properties during the second quarter worth about $27,000. Assetmark Inc. increased its position in shares of EastGroup Properties by 1,035.7% in the first quarter. Assetmark Inc. now owns 159 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 145 shares during the last quarter. MAI Capital Management raised its stake in EastGroup Properties by 83.7% in the third quarter. MAI Capital Management now owns 180 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 82 shares in the last quarter. Finally, Steigerwald Gordon & Koch Inc. bought a new stake in EastGroup Properties during the third quarter valued at approximately $34,000. Institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

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.