Eastgroup Properties (EGP) Price Target Raised to $94.00 at Citigroup

Eastgroup Properties (NYSE:EGP) had its price objective lifted by Citigroup from $90.00 to $94.00 in a research note released on Tuesday. The firm currently has a neutral rating on the real estate investment trust’s stock.

EGP has been the topic of a number of other reports. SunTrust Banks set a $92.00 target price on shares of Eastgroup Properties and gave the company a hold rating in a research report on Tuesday, October 23rd. Bank of America upped their target price on shares of Eastgroup Properties from $100.00 to $103.00 and gave the company a buy rating in a research report on Monday, July 16th. ValuEngine upgraded shares of Eastgroup Properties from a hold rating to a buy rating in a research report on Monday, July 2nd. Zacks Investment Research upgraded shares of Eastgroup Properties from a hold rating to a buy rating and set a $105.00 target price on the stock in a research report on Tuesday, October 23rd. Finally, Wells Fargo & Co upped their target price on shares of Eastgroup Properties from $96.00 to $98.00 and gave the company a market perform rating in a research report on Monday, July 30th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $97.11.

NYSE EGP traded down $0.38 on Tuesday, hitting $96.00. 145,871 shares of the company were exchanged, compared to its average volume of 223,082. The company has a market cap of $3.45 billion, a price-to-earnings ratio of 22.54, a price-to-earnings-growth ratio of 3.96 and a beta of 0.65. Eastgroup Properties has a 1-year low of $77.74 and a 1-year high of $99.39.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings results on Thursday, October 18th. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.14. The business had revenue of $75.30 million for the quarter, compared to the consensus estimate of $74.65 million. Eastgroup Properties had a net margin of 29.80% and a return on equity of 10.69%. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.08 EPS. On average, research analysts predict that Eastgroup Properties will post 4.67 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were given a dividend of $0.72 per share. The ex-dividend date was Thursday, September 27th. This is an increase from Eastgroup Properties’s previous quarterly dividend of $0.64. This represents a $2.88 dividend on an annualized basis and a yield of 3.00%. Eastgroup Properties’s dividend payout ratio is presently 67.61%.

In related news, Director H C. Bailey, Jr. sold 264 shares of the stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $97.01, for a total value of $25,610.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Brent Wood sold 4,700 shares of the stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $97.40, for a total transaction of $457,780.00. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Virginia Retirement Systems ET AL raised its position in shares of Eastgroup Properties by 198.0% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 43,800 shares of the real estate investment trust’s stock valued at $4,188,000 after acquiring an additional 29,100 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Eastgroup Properties in the 3rd quarter valued at approximately $1,300,000. Wells Fargo & Company MN raised its position in shares of Eastgroup Properties by 2.3% in the 3rd quarter. Wells Fargo & Company MN now owns 228,446 shares of the real estate investment trust’s stock valued at $21,844,000 after acquiring an additional 5,168 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Eastgroup Properties by 14.9% in the 3rd quarter. Daiwa Securities Group Inc. now owns 5,400 shares of the real estate investment trust’s stock valued at $516,000 after acquiring an additional 700 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Eastgroup Properties by 1.9% in the 3rd quarter. Arizona State Retirement System now owns 51,843 shares of the real estate investment trust’s stock valued at $4,957,000 after acquiring an additional 979 shares during the period. Institutional investors and hedge funds own 93.14% of the company’s stock.

Eastgroup Properties Company Profile

EastGroup Properties, Inc 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.

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Analyst Recommendations for Eastgroup Properties (NYSE:EGP)

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