EastGroup Properties (NYSE:EGP) Receives “Outperform” Rating from Wedbush

Wedbush reaffirmed their outperform rating on shares of EastGroup Properties (NYSE:EGP) in a research note published on Friday, Benzinga reports. They currently have a $209.00 price target on the real estate investment trust’s stock. Wedbush also issued estimates for EastGroup Properties’ FY2024 earnings at $8.36 EPS and FY2025 earnings at $9.05 EPS.

EGP has been the subject of several other reports. KeyCorp raised their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Barclays cut their target price on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 10th. Evercore ISI raised their price target on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Morgan Stanley upped their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a report on Thursday, August 22nd. Finally, Truist Financial raised their price objective on shares of EastGroup Properties from $176.00 to $190.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $191.73.

EastGroup Properties Stock Down 1.1 %

Shares of EastGroup Properties stock opened at $176.53 on Friday. EastGroup Properties has a twelve month low of $155.23 and a twelve month high of $192.61. The stock has a market cap of $8.60 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 2.70 and a beta of 0.99. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $184.09 and a 200 day moving average price of $175.43.

EastGroup Properties (NYSE:EGP) last issued its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.97). The company had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. EastGroup Properties’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.95 EPS. Equities research analysts forecast that EastGroup Properties will post 8.32 earnings per share for the current fiscal year.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.17%. This is a positive change 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 117.15%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Park Avenue Securities LLC raised its position in shares of EastGroup Properties by 16.3% during the 1st quarter. Park Avenue Securities LLC now owns 3,235 shares of the real estate investment trust’s stock worth $581,000 after buying an additional 454 shares in the last quarter. OneAscent Financial Services LLC boosted its stake in EastGroup Properties by 12.1% during the 1st quarter. OneAscent Financial Services LLC now owns 2,371 shares of the real estate investment trust’s stock valued at $426,000 after purchasing an additional 256 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in EastGroup Properties by 10.1% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 3,289 shares of the real estate investment trust’s stock valued at $591,000 after purchasing an additional 303 shares in the last quarter. State of Michigan Retirement System increased its position in shares of EastGroup Properties by 5.4% during the 1st quarter. State of Michigan Retirement System now owns 11,727 shares of the real estate investment trust’s stock valued at $2,108,000 after purchasing an additional 600 shares during the period. Finally, Azzad Asset Management Inc. ADV raised its stake in shares of EastGroup Properties by 4.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 2,730 shares of the real estate investment trust’s stock worth $491,000 after buying an additional 124 shares in the last quarter. Institutional investors and hedge funds 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.