EastGroup Properties, Inc. (NYSE:EGP) Short Interest Up 7.1% in September

EastGroup Properties, Inc. (NYSE:EGP) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 1,350,000 shares, an increase of 7.1% from the September 15th total of 1,260,000 shares. Based on an average daily trading volume, of 312,500 shares, the short-interest ratio is currently 4.3 days.

EastGroup Properties Stock Performance

NYSE EGP traded down $3.12 during trading hours on Thursday, reaching $182.15. 399,060 shares of the company were exchanged, compared to its average volume of 295,055. The stock has a market capitalization of $8.77 billion, a P/E ratio of 39.51, a P/E/G ratio of 2.65 and a beta of 0.99. The company has a quick ratio of 0.21, a current ratio of 0.21 and a debt-to-equity ratio of 0.60. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $192.61. The business’s 50 day simple moving average is $184.31 and its 200-day simple moving average is $175.22.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.91). EastGroup Properties had a return on equity of 8.69% and a net margin of 37.16%. The company had revenue of $159.09 million for the quarter, compared to analysts’ expectations of $156.70 million. During the same quarter in the previous year, the business earned $1.89 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. On average, equities research analysts expect that EastGroup Properties will post 8.32 earnings per share for the current year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.40 dividend. The ex-dividend date was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. This represents a $5.60 annualized dividend and a dividend yield of 3.07%. EastGroup Properties’s payout ratio is presently 121.48%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EGP. Wells Fargo & Company upgraded shares of EastGroup Properties from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $179.00 to $214.00 in a report on Wednesday, August 28th. Evercore ISI boosted their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Barclays lowered their price objective on EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research note on Thursday, October 10th. KeyCorp lifted their target price on EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Truist Financial increased their price target on EastGroup Properties from $176.00 to $190.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and a consensus price target of $191.73.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EGP. V Square Quantitative Management LLC boosted its position in EastGroup Properties by 47.7% during the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 61 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of EastGroup Properties by 5.3% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,427 shares of the real estate investment trust’s stock valued at $2,135,000 after buying an additional 579 shares in the last quarter. Bar Harbor Wealth Management bought a new position in EastGroup Properties in the 3rd quarter worth approximately $4,321,000. B.O.S.S. Retirement Advisors LLC grew its stake in EastGroup Properties by 32.1% in the 3rd quarter. B.O.S.S. Retirement Advisors LLC now owns 2,286 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 556 shares in the last quarter. Finally, Creative Planning raised its holdings in EastGroup Properties by 4.8% during the 3rd quarter. Creative Planning now owns 2,555 shares of the real estate investment trust’s stock valued at $477,000 after acquiring an additional 117 shares during the period. Institutional investors own 92.14% of the company’s stock.

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.