EastGroup Properties (NYSE:EGP) Price Target Lowered to $178.00 at Evercore ISI

EastGroup Properties (NYSE:EGP) had its target price lowered by Evercore ISI from $190.00 to $178.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has an in-line rating on the real estate investment trust’s stock.

Several other equities research analysts have also issued reports on the stock. Mizuho reaffirmed a neutral rating and set a $185.00 price target on shares of EastGroup Properties in a report on Tuesday, April 2nd. BMO Capital Markets began coverage on shares of EastGroup Properties in a research report on Monday. They issued an outperform rating and a $190.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on shares of EastGroup Properties in a research report on Thursday, April 11th. They issued a neutral rating and a $190.00 price target on the stock. Truist Financial boosted their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research report on Tuesday, February 20th. Finally, KeyCorp boosted their target price on shares of EastGroup Properties from $188.00 to $198.00 and gave the company an overweight rating in a research report on Monday, February 12th. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $189.00.

EastGroup Properties Price Performance

EGP stock traded up $0.68 during mid-day trading on Thursday, hitting $156.42. The stock had a trading volume of 86,747 shares, compared to its average volume of 287,261. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.64. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85. The firm has a market capitalization of $7.51 billion, a P/E ratio of 33.89, a P/E/G ratio of 2.50 and a beta of 0.93. The firm has a fifty day simple moving average of $175.93 and a 200 day simple moving average of $175.25.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $1.27 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a dividend yield of 3.25%. EastGroup Properties’s payout ratio is 110.20%.

Insider Buying and Selling

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

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its holdings in shares of EastGroup Properties by 15.0% in the fourth quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock worth $11,293,000 after buying an additional 8,002 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of EastGroup Properties by 2.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock worth $66,414,000 after purchasing an additional 7,724 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of EastGroup Properties by 3.5% in the third quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock worth $45,370,000 after purchasing an additional 9,160 shares during the last quarter. Invesco Ltd. increased its position in shares of EastGroup Properties by 12.7% in the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock worth $120,975,000 after purchasing an additional 81,636 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of EastGroup Properties by 1.3% in the third quarter. Vanguard Group Inc. now owns 6,532,176 shares of the real estate investment trust’s stock worth $1,087,803,000 after purchasing an additional 81,798 shares during the last quarter. 92.14% of the stock is 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.