Robert W. Baird Begins Coverage on Eastgroup Properties (NYSE:EGP)

Robert W. Baird started coverage on shares of Eastgroup Properties (NYSE:EGP) in a research report released on Tuesday, Benzinga reports. The firm issued a neutral rating and a $140.00 price target on the real estate investment trust’s stock.

A number of other analysts have also commented on EGP. Zacks Investment Research lowered shares of Eastgroup Properties from a buy rating to a hold rating in a research note on Thursday, September 10th. Mizuho lifted their price objective on shares of Eastgroup Properties from $105.00 to $138.00 and gave the stock a neutral rating in a report on Tuesday, August 4th. Citigroup lifted their price objective on shares of Eastgroup Properties from $115.00 to $139.00 and gave the stock a neutral rating in a report on Thursday, August 13th. Finally, Morgan Stanley lifted their price objective on shares of Eastgroup Properties from $120.00 to $144.00 and gave the stock an equal weight rating in a report on Tuesday, August 11th. Nine research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $135.50.

Shares of EGP stock opened at $126.25 on Tuesday. The firm has a market capitalization of $4.97 billion, a PE ratio of 40.99, a price-to-earnings-growth ratio of 5.04 and a beta of 0.77. The firm has a fifty day simple moving average of $133.02 and a two-hundred day simple moving average of $117.60. Eastgroup Properties has a 12 month low of $83.40 and a 12 month high of $142.69.

Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings results 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). The business had revenue of $89.72 million for the quarter, compared to the consensus estimate of $88.63 million. Eastgroup Properties had a net margin of 34.10% and a return on equity of 10.07%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.22 EPS. Research analysts anticipate that Eastgroup Properties will post 5.31 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.79 per share. The ex-dividend date is Tuesday, September 29th. This is an increase from Eastgroup Properties’s previous quarterly dividend of $0.75. This represents a $3.16 annualized dividend and a yield of 2.50%. Eastgroup Properties’s dividend payout ratio is 60.24%.

In other news, EVP John F. Coleman sold 700 shares of the company’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $136.04, for a total transaction of $95,228.00. Following the sale, the executive vice president now directly owns 100,055 shares in the company, valued at $13,611,482.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John F. Coleman sold 1,700 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $134.18, for a total value of $228,106.00. Following the sale, the executive vice president now owns 100,055 shares in the company, valued at $13,425,379.90. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. AJO LP increased its position in shares of Eastgroup Properties by 291.5% in the first quarter. AJO LP now owns 347,151 shares of the real estate investment trust’s stock worth $36,270,000 after purchasing an additional 258,482 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Eastgroup Properties by 63.5% in the second quarter. Russell Investments Group Ltd. now owns 368,118 shares of the real estate investment trust’s stock worth $43,361,000 after purchasing an additional 142,904 shares during the last quarter. FDx Advisors Inc. bought a new position in shares of Eastgroup Properties in the first quarter worth approximately $106,000. Nuveen Asset Management LLC increased its position in shares of Eastgroup Properties by 16.1% in the second quarter. Nuveen Asset Management LLC now owns 697,345 shares of the real estate investment trust’s stock worth $82,712,000 after purchasing an additional 96,467 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Eastgroup Properties by 111.9% in the first quarter. The Manufacturers Life Insurance Company now owns 163,960 shares of the real estate investment trust’s stock worth $17,130,000 after purchasing an additional 86,572 shares during the last quarter. Hedge funds and other institutional investors own 92.48% 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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