EastGroup Properties (NYSE:EGP) Hits New 52-Week High at $201.35

EastGroup Properties, Inc. (NYSE:EGP) hit a new 52-week high on Friday . The company traded as high as $201.35 and last traded at $201.35, with a volume of 968 shares trading hands. The stock had previously closed at $191.73.

Analyst Ratings Changes

EGP has been the subject of a number of recent analyst reports. Mizuho raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. Truist Financial boosted their target price on shares of EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Wedbush boosted their price objective on shares of EastGroup Properties from $208.00 to $209.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Morgan Stanley raised their target price on shares of EastGroup Properties from $158.00 to $186.00 and gave the stock an “equal weight” rating in a report on Thursday, August 22nd. Finally, Evercore ISI raised EastGroup Properties from an “in-line” rating to an “outperform” rating and upped their target price for the company from $192.00 to $204.00 in a report on Monday. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $192.00.

EastGroup Properties Stock Performance

The stock has a market cap of $9.69 billion, a P/E ratio of 41.61, a PEG ratio of 2.74 and a beta of 0.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.21 and a quick ratio of 0.21. The company has a fifty day moving average of $185.42 and a 200 day moving average of $174.75.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The firm had revenue of $159.09 million during the quarter, compared to the consensus estimate of $156.70 million. During the same period in the prior year, the firm posted $1.89 EPS. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. On average, equities analysts predict that EastGroup Properties, Inc. 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 will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.40 per share. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. The ex-dividend date is Monday, September 30th. This represents a $5.60 annualized dividend and a dividend yield of 2.78%. EastGroup Properties’s dividend payout ratio (DPR) is 121.48%.

Institutional Trading of EastGroup Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Gradient Investments LLC acquired a new position in EastGroup Properties in the second quarter worth approximately $32,000. Quest Partners LLC grew its holdings 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 acquiring an additional 208 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of EastGroup Properties during the first quarter worth $42,000. EverSource Wealth Advisors LLC raised its position in shares of EastGroup Properties by 1,938.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 252 shares during the period. Finally, Brown Brothers Harriman & Co. purchased a new stake in shares of EastGroup Properties during the fourth quarter valued at $55,000. 92.14% of the stock is owned by institutional investors and hedge funds.

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.