Short Interest in EastGroup Properties, Inc. (NYSE:EGP) Decreases By 14.3%

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) saw a large decline in short interest in April. As of April 15th, there was short interest totalling 1,500,000 shares, a decline of 14.3% from the March 31st total of 1,750,000 shares. Based on an average daily volume of 510,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 2.9% of the shares of the company are short sold.

EastGroup Properties Price Performance

EastGroup Properties stock traded down $0.20 during midday trading on Monday, reaching $166.97. 167,821 shares of the company were exchanged, compared to its average volume of 369,372. The firm's 50-day simple moving average is $169.20 and its 200-day simple moving average is $169.91. EastGroup Properties has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a market capitalization of $8.77 billion, a price-to-earnings ratio of 35.91, a P/E/G ratio of 3.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating analysts' consensus estimates of $2.11 by $0.01. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The business had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. During the same quarter in the previous year, the business posted $1.98 earnings per share. The company's revenue was up 13.1% on a year-over-year basis. On average, analysts anticipate that EastGroup Properties will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $1.40 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 annualized dividend and a yield of 3.35%. EastGroup Properties's payout ratio is currently 122.54%.

Hedge Funds Weigh In On EastGroup Properties

Several large investors have recently added to or reduced their stakes in EGP. Citizens National Bank Trust Department purchased a new position in shares of EastGroup Properties during the 1st quarter worth about $26,000. Crowley Wealth Management Inc. purchased a new position in EastGroup Properties during the fourth quarter worth approximately $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties in the 4th quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of EastGroup Properties by 503.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock valued at $58,000 after buying an additional 302 shares during the period. Finally, Mather Group LLC. increased its holdings in shares of EastGroup Properties by 74.2% during the 1st quarter. Mather Group LLC. now owns 364 shares of the real estate investment trust's stock worth $64,000 after buying an additional 155 shares during the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on EGP shares. Barclays cut their target price on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Truist Financial decreased their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a research report on Monday. Piper Sandler cut their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Robert W. Baird boosted their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Finally, Evercore ISI upped their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $187.00.

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.