Morgan Stanley Raises Eastgroup Properties (NYSE:EGP) Price Target to $144.00

Eastgroup Properties (NYSE:EGP) had its price objective raised by Morgan Stanley from $120.00 to $144.00 in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. They currently have an equal weight rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut Eastgroup Properties from a hold rating to a sell rating in a report on Wednesday, July 15th. Piper Sandler decreased their price objective on Eastgroup Properties from $150.00 to $130.00 and set an overweight rating for the company in a report on Tuesday, April 14th. Mizuho raised their price objective on Eastgroup Properties from $105.00 to $138.00 and gave the company a neutral rating in a report on Tuesday, August 4th. Finally, Royal Bank of Canada raised their price objective on Eastgroup Properties from $102.00 to $108.00 and gave the company a sector perform rating in a report on Friday, May 8th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $135.44.

Shares of EGP traded down $1.02 during trading hours on Tuesday, reaching $133.99. The stock had a trading volume of 10,138 shares, compared to its average volume of 281,839. The firm has a 50-day moving average of $122.78 and a 200 day moving average of $118.55. The company has a market cap of $5.23 billion, a P/E ratio of 43.96, a P/E/G ratio of 5.26 and a beta of 0.85. Eastgroup Properties has a 52 week low of $83.40 and a 52 week high of $142.69.

Eastgroup Properties (NYSE:EGP) last posted its quarterly earnings data on Tuesday, July 28th. The real estate investment trust reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $1.27 by ($0.67). Eastgroup Properties had a return on equity of 10.07% and a net margin of 34.10%. The business had revenue of $89.72 million for the quarter, compared to analyst estimates of $88.63 million. During the same quarter in the prior year, the company earned $1.22 earnings per share. The company’s quarterly revenue was up 9.3% on a year-over-year basis. Equities analysts forecast that Eastgroup Properties will post 5.29 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.75 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $3.00 annualized dividend and a yield of 2.24%. Eastgroup Properties’s dividend payout ratio (DPR) is currently 60.24%.

In related news, Director H C. Bailey, Jr. sold 500 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $117.08, for a total value of $58,540.00. Following the completion of the sale, the director now directly owns 4,332 shares in the company, valued at approximately $507,190.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.00% of the company’s stock.

A number of hedge funds have recently modified their holdings of EGP. Signaturefd LLC lifted its position in Eastgroup Properties by 296.8% during the 2nd quarter. Signaturefd LLC now owns 246 shares of the real estate investment trust’s stock valued at $29,000 after acquiring an additional 184 shares during the period. Milestone Advisory Partners acquired a new position in shares of Eastgroup Properties during the second quarter worth about $42,000. Pearl River Capital LLC acquired a new position in shares of Eastgroup Properties during the first quarter worth about $45,000. Van ECK Associates Corp grew its position in shares of Eastgroup Properties by 111.7% during the first quarter. Van ECK Associates Corp now owns 470 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 248 shares in the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Eastgroup Properties during the first quarter worth about $54,000. Hedge funds and other institutional investors own 92.32% of the company’s stock.

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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Analyst Recommendations for Eastgroup Properties (NYSE:EGP)

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