EastGroup Properties (NYSE:EGP) Reaches New 52-Week High - Time to Buy?

Key Points

• EastGroup Properties hit a new 52-week high of $203.60 (last trade about $202) on Wednesday, with roughly 406,866 shares changing hands.
• Several analysts (including Morgan Stanley, RBC, Citi and Piper Sandler) have raised price targets, leaving a MarketBeat consensus rating of Moderate Buy and a consensus price target of $200.76.
• The firm pays a quarterly dividend of $1.55 ($6.20 annualized) for a 3.1% yield

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $203.60 and last traded at $202.0080, with a volume of 406866 shares trading hands. The stock had previously closed at $203.11.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Morgan Stanley upped their price target on shares of EastGroup Properties from $205.00 to $215.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. Royal Bank Of Canada upped their price target on shares of EastGroup Properties from $183.00 to $195.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 18th. Citigroup upped their price objective on shares of EastGroup Properties from $210.00 to $220.00 and gave the company a "buy" rating in a report on Wednesday, February 11th. Robert W. Baird set a $203.00 price objective on shares of EastGroup Properties in a report on Wednesday, February 11th. Finally, Piper Sandler upped their price objective on shares of EastGroup Properties from $220.00 to $230.00 and gave the company an "overweight" rating in a report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $200.76.

EastGroup Properties Price Performance

The firm's fifty day moving average price is $190.80 and its 200 day moving average price is $183.71. The firm has a market capitalization of $10.86 billion, a PE ratio of 41.48, a P/E/G ratio of 3.31 and a beta of 1.09. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, March 31st. EastGroup Properties's dividend payout ratio is 127.31%.

Institutional Trading of EastGroup Properties

Hedge funds have recently added to or reduced their stakes in the company. True Wealth Design LLC boosted its holdings in EastGroup Properties by 159.7% during the third quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust's stock worth $27,000 after buying an additional 99 shares in the last quarter. State of Wyoming purchased a new stake in EastGroup Properties during the second quarter worth $27,000. MAI Capital Management boosted its holdings in EastGroup Properties by 83.7% during the third quarter. MAI Capital Management now owns 180 shares of the real estate investment trust's stock worth $31,000 after buying an additional 82 shares in the last quarter. Steigerwald Gordon & Koch Inc. purchased a new stake in EastGroup Properties during the third quarter worth $34,000. Finally, Mather Group LLC. purchased a new stake in EastGroup Properties during the third quarter worth $35,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.