JPMorgan Chase & Co. Cuts EastGroup Properties (NYSE:EGP) Price Target to $183.00

EastGroup Properties (NYSE:EGP) had its target price trimmed by JPMorgan Chase & Co. from $190.00 to $183.00 in a report published on Thursday, Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other research firms have also weighed in on EGP. BMO Capital Markets initiated coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They issued an outperform rating and a $190.00 price objective on the stock. Mizuho reiterated a neutral rating and set a $185.00 price objective on shares of EastGroup Properties in a report on Tuesday, April 2nd. Evercore ISI reduced their price objective on EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a research report on Thursday, April 25th. KeyCorp dropped their target price on EastGroup Properties from $198.00 to $178.00 and set an overweight rating on the stock in a research report on Tuesday, April 30th. Finally, Piper Sandler reduced their price target on EastGroup Properties from $215.00 to $200.00 and set an overweight rating for the company in a report on Monday, April 29th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $185.13.

EastGroup Properties Stock Up 0.8 %

NYSE:EGP traded up $1.34 on Thursday, hitting $159.86. 343,591 shares of the company’s stock traded hands, compared to its average volume of 322,869. The firm has a 50-day moving average price of $172.39 and a 200-day moving average price of $174.73. 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 $7.70 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 2.78 and a beta of 0.96. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio is 110.20%.

Insider Activity

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

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently modified their holdings of EGP. Vanguard Group Inc. boosted its holdings in EastGroup Properties by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock valued at $1,221,077,000 after purchasing an additional 120,746 shares during the period. Deutsche Bank AG lifted its stake in shares of EastGroup Properties by 3.9% in the third quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock valued at $173,598,000 after buying an additional 38,766 shares during the period. Boston Partners grew its position in EastGroup Properties by 42.7% during the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock worth $138,813,000 after buying an additional 226,169 shares in the last quarter. Invesco Ltd. increased its stake in EastGroup Properties by 12.7% during the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after acquiring an additional 81,636 shares during the period. Finally, Wellington Management Group LLP raised its holdings in EastGroup Properties by 113.1% in the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after acquiring an additional 368,954 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

About EastGroup Properties

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.