Zacks Investment Research downgraded shares of Eastgroup Properties (NYSE:EGP) from a buy rating to a hold rating in a report released on Friday, Zacks.com reports.

According to Zacks, “EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. The company pursues a three-pronged investment strategy that includes: the acquisition of industrial properties at favorable initial yields, with opportunities to improve cash flow performance through management; selective development of industrial properties in markets where they already has a presence and where market conditions justify such investments; and the acquisition of existing public & private companies. “

Several other equities analysts have also recently issued reports on the stock. Citigroup dropped their price objective on shares of Eastgroup Properties from $133.00 to $98.00 and set a neutral rating on the stock in a research note on Tuesday, April 7th. Piper Sandler decreased their target price on shares of Eastgroup Properties from $150.00 to $130.00 and set an overweight rating on the stock in a research report on Tuesday, April 14th. Morgan Stanley decreased their target price on shares of Eastgroup Properties from $130.00 to $120.00 and set an equal weight rating on the stock in a research report on Tuesday, March 10th. Finally, Royal Bank of Canada boosted their target price on shares of Eastgroup Properties from $102.00 to $108.00 and gave the stock a sector perform rating in a research report on Friday, May 8th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $125.25.

Shares of EGP opened at $116.60 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.01 and a current ratio of 0.01. The stock has a market capitalization of $4.44 billion, a P/E ratio of 36.32, a P/E/G ratio of 5.35 and a beta of 0.82. The company’s fifty day moving average is $113.98 and its two-hundred day moving average is $120.32. Eastgroup Properties has a 1 year low of $83.40 and a 1 year high of $142.69.

Eastgroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.69). The firm had revenue of $88.63 million during the quarter, compared to analyst estimates of $87.91 million. Eastgroup Properties had a net margin of 35.88% and a return on equity of 10.83%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.20 earnings per share. Sell-side analysts predict that Eastgroup Properties will post 5.17 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.75 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.57%. Eastgroup Properties’s dividend payout ratio is presently 60.24%.

In related news, Director H C. Bailey, Jr. sold 500 shares of the business’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 sale, the director now directly owns 4,332 shares in the company, valued at approximately $507,190.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp purchased a new stake in shares of Eastgroup Properties in the 4th quarter worth about $29,000. Pearl River Capital LLC purchased a new stake in shares of Eastgroup Properties in the 1st quarter worth about $45,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Eastgroup Properties in the 1st quarter worth about $54,000. Exane Derivatives raised its stake in Eastgroup Properties by 3,733.3% in the 1st quarter. Exane Derivatives now owns 1,495 shares of the real estate investment trust’s stock valued at $156,000 after purchasing an additional 1,456 shares during the last quarter. Finally, Brinker Capital Inc. acquired a new position in Eastgroup Properties in the 4th quarter valued at about $200,000. Institutional investors and hedge funds own 92.35% of the company’s stock.

Eastgroup Properties Company Profile

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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