EastGroup Properties (NYSE:EGP) Price Target Cut to $175.00

EastGroup Properties (NYSE:EGP) had its price target lowered by Barclays from $181.00 to $175.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an equal weight rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the stock. Truist Financial lifted their price objective on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research note on Tuesday, February 20th. Piper Sandler lowered their price target on EastGroup Properties from $215.00 to $200.00 and set an overweight rating for the company in a research report on Monday. Royal Bank of Canada increased their price objective on EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a report on Friday, February 16th. Evercore ISI decreased their target price on EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a report on Thursday, April 25th. Finally, Mizuho reiterated a neutral rating and issued a $185.00 target price on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, EastGroup Properties has a consensus rating of Hold and a consensus target price of $187.60.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $157.82 on Monday. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The business’s fifty day simple moving average is $174.31 and its 200-day simple moving average is $175.03. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The company has a market cap of $7.60 billion, a PE ratio of 34.23, a PEG ratio of 2.47 and a beta of 0.93.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s payout ratio is currently 110.20%.

Insider Buying and Selling at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the sale, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On EastGroup Properties

A number of hedge funds have recently modified their holdings of EGP. Exchange Traded Concepts LLC increased its position in shares of EastGroup Properties by 13.6% during the third quarter. Exchange Traded Concepts LLC now owns 1,589 shares of the real estate investment trust’s stock valued at $265,000 after acquiring an additional 190 shares during the last quarter. Monument Capital Management acquired a new stake in EastGroup Properties in the 3rd quarter valued at approximately $379,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in EastGroup Properties by 6.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock valued at $2,958,000 after purchasing an additional 1,035 shares during the period. Mackenzie Financial Corp acquired a new position in EastGroup Properties during the third quarter worth $5,223,000. Finally, Advisor Partners II LLC boosted its position in shares of EastGroup Properties by 54.7% during the third quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust’s stock worth $494,000 after buying an additional 1,050 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, 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.