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

EastGroup Properties (NYSE:EGP) had its target price decreased by Truist Financial from $190.00 to $186.00 in a research note issued to investors on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Several other research analysts have also weighed in on the company. Wedbush reaffirmed an “outperform” rating and issued a $209.00 target price on shares of EastGroup Properties in a research report on Friday, October 25th. Mizuho raised EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Evercore ISI boosted their price objective on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company cut their target price on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, EastGroup Properties has an average rating of “Hold” and a consensus target price of $191.21.

EastGroup Properties Trading Up 0.6 %

Shares of EGP stock opened at $171.97 on Wednesday. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $8.51 billion, a P/E ratio of 35.53, a P/E/G ratio of 2.61 and a beta of 1.00. EastGroup Properties has a fifty-two week low of $155.23 and a fifty-two week high of $192.61. The stock has a 50-day simple moving average of $180.51 and a 200 day simple moving average of $176.38.

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

EastGroup Properties Increases Dividend

The firm also recently announced 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 3.26%. The ex-dividend date was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s payout ratio is currently 115.70%.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds have recently added to or reduced their stakes in EGP. FMR LLC increased its stake in EastGroup Properties by 67.9% in the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock valued at $291,081,000 after purchasing an additional 629,827 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of EastGroup Properties by 355.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust’s stock valued at $73,158,000 after buying an additional 305,555 shares in the last quarter. Vanguard Group Inc. raised its stake in EastGroup Properties by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock worth $1,233,785,000 after buying an additional 210,207 shares during the period. Ceredex Value Advisors LLC bought a new position in EastGroup Properties during the second quarter worth about $35,131,000. Finally, Boston Partners grew its stake in EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock valued at $171,399,000 after acquiring an additional 197,427 shares during the period. 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.