EastGroup Properties (NYSE:EGP) Price Target Raised to $215.00 at Mizuho

EastGroup Properties (NYSE:EGP) had its price objective raised by Mizuho from $160.00 to $215.00 in a research note issued to investors on Thursday, The Fly reports.

Several other research firms have also recently weighed in on EGP. Zacks Investment Research upgraded shares of EastGroup Properties from a hold rating to a buy rating and set a $241.00 price objective for the company in a research report on Friday, January 7th. Royal Bank of Canada upped their target price on shares of EastGroup Properties from $177.00 to $207.00 and gave the company a sector perform rating in a research report on Monday, November 8th. Wells Fargo & Company upped their target price on shares of EastGroup Properties from $175.00 to $220.00 and gave the company an equal weight rating in a research report on Friday, November 19th. Morgan Stanley upped their target price on shares of EastGroup Properties from $175.00 to $215.00 and gave the company an equal weight rating in a research report on Monday, November 22nd. Finally, Evercore ISI restated a hold rating and issued a $164.00 price objective on shares of EastGroup Properties in a research report on Friday, October 8th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $205.10.

Shares of EGP traded down $5.11 on Thursday, hitting $205.09. The company’s stock had a trading volume of 4,611 shares, compared to its average volume of 195,261. The company has a market capitalization of $8.34 billion, a PE ratio of 68.25, a PEG ratio of 3.80 and a beta of 0.79. EastGroup Properties has a fifty-two week low of $131.28 and a fifty-two week high of $229.84. The company has a 50 day moving average price of $211.49 and a 200 day moving average price of $187.73.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Tuesday, October 26th. The real estate investment trust reported $0.76 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.72). EastGroup Properties had a return on equity of 9.13% and a net margin of 31.12%. The business had revenue of $104.60 million during the quarter, compared to analyst estimates of $101.40 million. During the same period in the previous year, the firm earned $1.36 earnings per share. The firm’s revenue was up 13.7% compared to the same quarter last year. On average, research analysts predict that EastGroup Properties will post 6.05 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Saturday, January 15th. Investors of record on Friday, December 31st will be paid a $1.10 dividend. This is an increase from EastGroup Properties’s previous quarterly dividend of $0.90. This represents a $4.40 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, December 30th. EastGroup Properties’s dividend payout ratio (DPR) is 142.86%.

In other EastGroup Properties news, EVP John F. Coleman sold 3,199 shares of the stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $206.57, for a total value of $660,817.43. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Richard Reid Dunbar sold 500 shares of the stock in a transaction dated Friday, November 19th. The shares were sold at an average price of $204.27, for a total transaction of $102,135.00. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. United Capital Financial Advisers LLC boosted its position in shares of EastGroup Properties by 0.5% during the 3rd quarter. United Capital Financial Advisers LLC now owns 10,675 shares of the real estate investment trust’s stock worth $1,779,000 after acquiring an additional 57 shares in the last quarter. Assetmark Inc. boosted its position in EastGroup Properties by 5.6% in the second quarter. Assetmark Inc. now owns 1,363 shares of the real estate investment trust’s stock valued at $224,000 after buying an additional 72 shares in the last quarter. Arkadios Wealth Advisors boosted its position in EastGroup Properties by 21.7% in the third quarter. Arkadios Wealth Advisors now owns 438 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 78 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in EastGroup Properties by 11.7% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 880 shares of the real estate investment trust’s stock valued at $144,000 after buying an additional 92 shares in the last quarter. Finally, Eqis Capital Management Inc. boosted its position in EastGroup Properties by 5.3% in the second quarter. Eqis Capital Management Inc. now owns 1,896 shares of the real estate investment trust’s stock valued at $312,000 after buying an additional 96 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc is an equity real estate investment trust, which engages in the development, acquisition and operation of industrial properties in the United States. It operates through Industrial Properties segment. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina.

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