EastGroup Properties (NYSE:EGP) Price Target Cut to $172.00

EastGroup Properties (NYSE:EGP) had its price objective decreased by Royal Bank of Canada from $190.00 to $172.00 in a report issued on Monday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the real estate investment trust’s stock.

EGP has been the subject of a number of other research reports. Truist Financial upped their price objective on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research note on Tuesday, February 20th. JPMorgan Chase & Co. reduced their price objective on EastGroup Properties from $190.00 to $183.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. Piper Sandler decreased their price objective on EastGroup Properties from $215.00 to $200.00 and set an overweight rating on the stock in a report on Monday, April 29th. BMO Capital Markets assumed coverage on EastGroup Properties in a report on Monday, April 22nd. They set an outperform rating and a $190.00 target price for the company. Finally, Barclays decreased their price target on EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a research note on Monday, April 29th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $184.00.

EastGroup Properties Price Performance

Shares of NYSE EGP traded up $1.22 during trading hours on Monday, reaching $159.80. 13,506 shares of the stock traded hands, compared to its average volume of 285,853. The company’s 50-day simple moving average is $171.98 and its two-hundred day simple moving average is $174.81. The company has a market capitalization of $7.69 billion, a P/E ratio of 34.40, a price-to-earnings-growth ratio of 2.78 and a beta of 0.96. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $188.85. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63.

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. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s payout ratio is presently 110.20%.

Insider Buying and Selling

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction on 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 $18,752,230.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is owned by insiders.

Institutional Trading of EastGroup Properties

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised 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 worth $1,221,077,000 after acquiring an additional 120,746 shares during the last quarter. Deutsche Bank AG raised 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 worth $173,598,000 after purchasing an additional 38,766 shares during the last quarter. Boston Partners boosted its position in shares of EastGroup Properties by 42.7% during the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock valued at $138,813,000 after buying an additional 226,169 shares during the last quarter. Invesco Ltd. increased its holdings in EastGroup Properties by 12.7% in the 3rd quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock worth $120,975,000 after buying an additional 81,636 shares in the last quarter. Finally, Wellington Management Group LLP increased 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 worth $115,773,000 after buying an additional 368,954 shares in the last quarter. Hedge funds and other 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.