Fri Sep 20 14:12:58 UTC 2024: ## EastGroup Properties Hits New 52-Week High Amid Positive Analyst Sentiment

**New York, NY – September 20, 2024** – EastGroup Properties, Inc. (NYSE: EGP) reached a new 52-week high on Friday, closing at $201.35, up from $191.73 the previous day. The surge follows a wave of positive analyst reports, with several firms raising their price targets and ratings for the real estate investment trust (REIT).

Mizuho upgraded EGP to “outperform” from “neutral,” increasing their price target to $200 from $175. Wedbush also boosted their price objective to $209 from $208, maintaining their “outperform” rating. Other analysts like Truist Financial, Morgan Stanley, and Evercore ISI also increased their price targets, although some maintained a “hold” rating.

Overall, the stock currently has a “Moderate Buy” consensus rating, with an average price target of $192.00, based on MarketBeat.com data.

Despite missing analysts’ earnings estimates for the second quarter, EGP’s revenue grew 13.7% year-over-year, signaling strong growth potential. The REIT also announced a dividend increase, raising the quarterly payout to $1.40 from $1.27.

Institutional investors continue to show confidence in EGP, with several firms increasing their stake in the company in recent quarters.

EastGroup Properties focuses on the development, acquisition, and operation of industrial properties in major Sunbelt markets, particularly in Florida, Texas, Arizona, California, and North Carolina. The company is a member of the S&P Mid-Cap 400 and Russell 1000 Indexes.

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