EastGroup Properties (NYSE:EGP) Price Target Raised to $194.00

EastGroup Properties (NYSE:EGP) had its target price increased by Robert W. Baird from $192.00 to $194.00 in a report released on Wednesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the real estate investment trust’s stock.

A number of other brokerages also recently commented on EGP. Jefferies Financial Group upgraded EastGroup Properties from a “hold” rating to a “buy” rating and lifted their target price for the company from $174.00 to $194.00 in a research note on Thursday, January 2nd. KeyCorp restated a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. 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. Royal Bank of Canada reissued a “sector perform” rating and set a $186.00 price target on shares of EastGroup Properties in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target for the company. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.65.

EastGroup Properties Stock Down 0.2 %

Shares of NYSE:EGP opened at $179.35 on Wednesday. The firm has a market cap of $9.33 billion, a PE ratio of 38.57, a price-to-earnings-growth ratio of 3.36 and a beta of 1.00. The company has a fifty day simple moving average of $167.39 and a 200 day simple moving average of $175.27. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties has a 12-month low of $155.10 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. On average, equities research analysts anticipate that EastGroup Properties will post 8.93 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Tuesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 120.43%.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds have recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. acquired a new stake in EastGroup Properties in the fourth quarter valued at approximately $29,000. Canton Hathaway LLC acquired a new stake in shares of EastGroup Properties in the 4th quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in EastGroup Properties by 503.3% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after purchasing an additional 302 shares in the last quarter. Principal Securities Inc. boosted its holdings in EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after purchasing an additional 84 shares in the last quarter. Finally, Quarry LP acquired a new position in EastGroup Properties during the third quarter worth $102,000. Institutional investors and hedge funds 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.