Research Analysts’ Recent Ratings Updates for EastGroup Properties (EGP)

Posted by Jared Coughlin on Nov 6th, 2024

A number of firms have modified their ratings and price targets on shares of EastGroup Properties (NYSE: EGP) recently:

11/4/2024 – EastGroup Properties had its price target lowered by analysts at Wells Fargo & Company from $214.00 to $199.00. They now have an “overweight” rating on the stock.
10/30/2024 – EastGroup Properties had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $186.00 price target on the stock.
10/28/2024 – EastGroup Properties was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
10/25/2024 – EastGroup Properties had its “outperform” rating reaffirmed by analysts at Wedbush. They now have a $209.00 price target on the stock.
10/10/2024 – EastGroup Properties had its price target lowered by analysts at Barclays PLC from $198.00 to $193.00. They now have an “equal weight” rating on the stock.
10/7/2024 – EastGroup Properties had its price target raised by analysts at Evercore ISI from $204.00 to $205.00. They now have an “outperform” rating on the stock.
9/16/2024 – EastGroup Properties was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating. They now have a $204.00 price target on the stock, up previously from $192.00.

EastGroup Properties Stock Up 1.3 %

EastGroup Properties stock traded up $2.18 during mid-day trading on Wednesday, hitting $174.98. 961,545 shares of the company’s stock were exchanged, compared to its average volume of 301,272. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The stock has a market cap of $8.66 billion, a P/E ratio of 36.15, a P/E/G ratio of 2.55 and a beta of 1.00. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61. The stock has a 50 day moving average of $182.34 and a two-hundred day moving average of $175.80.

EastGroup Properties (NYSE:EGP – Get Free Report) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.95 earnings per share. As a group, analysts anticipate that EastGroup Properties, Inc. will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.20%. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date was Monday, September 30th. EastGroup Properties’s dividend payout ratio is 115.70%.

Institutional Investors Weigh In On EastGroup Properties

Hedge funds have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co lifted its stake in EastGroup Properties by 5.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 95,952 shares of the real estate investment trust’s stock worth $17,242,000 after purchasing an additional 5,342 shares during the period. Tidal Investments LLC lifted its stake in EastGroup Properties by 30.4% during the first quarter. Tidal Investments LLC now owns 18,316 shares of the real estate investment trust’s stock worth $3,293,000 after purchasing an additional 4,271 shares during the period. Atria Investments Inc lifted its stake in EastGroup Properties by 48.9% during the first quarter. Atria Investments Inc now owns 11,389 shares of the real estate investment trust’s stock worth $2,047,000 after purchasing an additional 3,740 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in EastGroup Properties by 30.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust’s stock worth $47,757,000 after purchasing an additional 64,984 shares during the period. Finally, Ausbil Investment Management Ltd lifted its stake in EastGroup Properties by 261.6% during the third quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust’s stock worth $1,259,000 after purchasing an additional 4,874 shares during the period. Institutional investors own 92.14% of the company’s stock.

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.