EastGroup Properties (NYSE:EGP) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of EastGroup Properties (NYSE:EGP) from a sell rating to a hold rating in a report released on Saturday morning.

Several other brokerages also recently commented on EGP. Wells Fargo & Company increased their target price on shares of EastGroup Properties from $187.00 to $196.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Mizuho restated a “neutral” rating and set a $172.00 price target (down from $180.00) on shares of EastGroup Properties in a report on Thursday, December 4th. UBS Group set a $200.00 price objective on shares of EastGroup Properties in a research report on Thursday, December 4th. KeyCorp increased their price objective on shares of EastGroup Properties from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Tuesday, February 10th. Finally, Citigroup lifted their target price on shares of EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $200.18.

EastGroup Properties Trading Down 2.1%

NYSE EGP opened at $188.20 on Friday. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. The business has a fifty day simple moving average of $186.35 and a 200 day simple moving average of $178.57. EastGroup Properties has a 12 month low of $137.67 and a 12 month high of $197.95. The firm has a market capitalization of $10.04 billion, a P/E ratio of 38.64, a PEG ratio of 3.06 and a beta of 1.10.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $1.55 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $6.20 annualized dividend and a dividend yield of 3.3%. EastGroup Properties’s payout ratio is presently 127.31%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EGP. Renaissance Group LLC lifted its holdings in EastGroup Properties by 3.9% during the fourth quarter. Renaissance Group LLC now owns 1,437 shares of the real estate investment trust’s stock valued at $256,000 after purchasing an additional 54 shares during the last quarter. Canton Hathaway LLC increased its stake in shares of EastGroup Properties by 31.6% in the third quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 60 shares in the last quarter. Azzad Asset Management Inc. ADV increased its stake in shares of EastGroup Properties by 2.6% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust’s stock worth $432,000 after purchasing an additional 62 shares in the last quarter. Cetera Investment Advisers raised its position in shares of EastGroup Properties by 1.9% in the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after purchasing an additional 68 shares during the period. Finally, Larson Financial Group LLC lifted its stake in shares of EastGroup Properties by 35.6% during the 4th quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 69 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.