Truist Financial Issues Pessimistic Forecast for EastGroup Properties (NYSE:EGP) Stock Price

EastGroup Properties (NYSE:EGP) had its price objective lowered by Truist Financial from $190.00 to $186.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently commented on the stock. Barclays cut their price target on shares of 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. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Evercore ISI increased their target price on EastGroup Properties from $204.00 to $205.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $186.00 price target on shares of EastGroup Properties in a research note on Wednesday, October 30th. Finally, KeyCorp increased their price objective on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $191.21.

EastGroup Properties Stock Up 0.6 %

EGP stock opened at $171.99 on Wednesday. The stock has a 50-day simple moving average of $180.51 and a two-hundred day simple moving average of $176.53. EastGroup Properties has a twelve month low of $155.23 and a twelve month high of $192.61. The firm has a market capitalization of $8.52 billion, a PE ratio of 35.54, a PEG ratio of 2.61 and a beta of 1.00. 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 issued its quarterly earnings data 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 firm had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. EastGroup Properties’s revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.95 EPS. On average, equities analysts predict that EastGroup Properties will post 8.35 EPS for the current fiscal year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.40 dividend. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend was Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.26%. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.70%.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors have recently added to or reduced their stakes in EGP. Gradient Investments LLC purchased a new stake in shares of EastGroup Properties during the second quarter worth about $32,000. V Square Quantitative Management LLC lifted its holdings in EastGroup Properties by 47.7% in the 3rd 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 during the period. Quest Partners LLC grew its position in shares of EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 208 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 80 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of EastGroup Properties during the second quarter valued at approximately $66,000. Hedge funds and other 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.