Eastgroup Properties (NYSE:EGP) Rating Increased to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Eastgroup Properties (NYSE:EGP) from a hold rating to a buy rating in a research report sent to investors on Tuesday, September 18th. Zacks Investment Research currently has $110.00 price target on the real estate investment trust’s stock.

According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “

Other analysts have also issued research reports about the stock. Stifel Nicolaus upgraded shares of Eastgroup Properties from a hold rating to a buy rating and raised their target price for the stock from $93.00 to $103.00 in a research report on Thursday, May 31st. ValuEngine upgraded shares of Eastgroup Properties from a hold rating to a buy rating in a report on Tuesday, May 29th. Sandler O’Neill set a $105.00 price target on shares of Eastgroup Properties and gave the company a buy rating in a report on Monday, July 23rd. Bank of America lifted their price target on shares of Eastgroup Properties from $100.00 to $103.00 and gave the company a buy rating in a report on Monday, July 16th. Finally, Mizuho reiterated a hold rating and issued a $92.00 price target on shares of Eastgroup Properties in a report on Monday, July 30th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $95.09.

Shares of EGP traded down $0.59 during mid-day trading on Tuesday, reaching $90.04. 187,079 shares of the company’s stock were exchanged, compared to its average volume of 210,402. Eastgroup Properties has a 52-week low of $77.74 and a 52-week high of $99.39. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 21.14, a price-to-earnings-growth ratio of 4.17 and a beta of 0.76.

Eastgroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, July 19th. The real estate investment trust reported $0.49 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.49. Eastgroup Properties had a net margin of 28.00% and a return on equity of 10.26%. The business had revenue of $74.90 million during the quarter, compared to analysts’ expectations of $72.60 million. During the same period last year, the company posted $1.05 EPS. The company’s revenue was up 10.3% on a year-over-year basis. On average, equities analysts expect that Eastgroup Properties will post 4.62 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be paid a dividend of $0.72 per share. This is an increase from Eastgroup Properties’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $2.88 annualized dividend and a yield of 3.20%. Eastgroup Properties’s payout ratio is 67.61%.

In other news, EVP Brent Wood sold 4,700 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $97.40, for a total value of $457,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John F. Coleman sold 5,000 shares of the business’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $96.27, for a total transaction of $481,350.00. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Eastgroup Properties by 15.5% during the 2nd quarter. BlackRock Inc. now owns 6,732,435 shares of the real estate investment trust’s stock valued at $643,352,000 after buying an additional 902,295 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Eastgroup Properties by 0.5% during the 1st quarter. JPMorgan Chase & Co. now owns 2,671,189 shares of the real estate investment trust’s stock valued at $220,799,000 after buying an additional 14,061 shares during the last quarter. Silvercrest Asset Management Group LLC grew its position in shares of Eastgroup Properties by 1.2% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 947,433 shares of the real estate investment trust’s stock valued at $78,315,000 after buying an additional 10,887 shares during the last quarter. Earnest Partners LLC grew its position in shares of Eastgroup Properties by 1.6% during the 2nd quarter. Earnest Partners LLC now owns 879,596 shares of the real estate investment trust’s stock valued at $84,054,000 after buying an additional 13,962 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Eastgroup Properties by 1.5% during the 2nd quarter. Northern Trust Corp now owns 662,077 shares of the real estate investment trust’s stock valued at $63,268,000 after buying an additional 10,068 shares during the last quarter. 93.97% of the stock is owned by institutional investors.

About Eastgroup Properties

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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