EastGroup Properties (NYSE:EGP) Sets New 12-Month High - Still a Buy?

Key Points

• Shares of EastGroup Properties hit a new 52-week high of $198.61 and carry a MarketBeat consensus rating of Moderate Buy with a consensus target of $200.76, while several analysts have pushed price targets higher (Piper Sandler to $230, Cantor Fitzgerald to $210).
• The company pays a quarterly dividend of $1.55 ($6.20 annualized) for a 3.1% yield
• Institutional ownership is very high at 92.14%, with recent notable increases from firms such as Goldman Sachs and Jane Street, signaling strong institutional interest in the stock.

Shares of EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $198.61 and last traded at $198.08, with a volume of 8917 shares trading hands. The stock had previously closed at $195.40.

Analyst Ratings Changes

EGP has been the subject of a number of analyst reports. Evercore set a $188.00 price objective on EastGroup Properties in a research report on Friday, February 6th. Cantor Fitzgerald raised their price objective on EastGroup Properties from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, February 6th. Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Saturday, March 7th. Truist Financial raised their price objective on EastGroup Properties from $203.00 to $205.00 and gave the company a "buy" rating in a research report on Tuesday, February 17th. Finally, Piper Sandler raised their price objective on EastGroup Properties from $220.00 to $230.00 and gave the company an "overweight" rating in a research report on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, EastGroup Properties currently has a consensus rating of "Moderate Buy" and a consensus target price of $200.76.

EastGroup Properties Trading Up 0.9%

The firm has a market cap of $10.60 billion, a P/E ratio of 40.47, a price-to-earnings-growth ratio of 3.18 and a beta of 1.09. The stock has a fifty day simple moving average of $189.98 and a 200 day simple moving average of $182.77. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01.

EastGroup Properties Dividend Announcement

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

Institutional Trading of EastGroup Properties

A number of institutional investors and hedge funds have recently modified their holdings of EGP. Jones Financial Companies Lllp increased its holdings in shares of EastGroup Properties by 18,900.0% in the 1st quarter. Jones Financial Companies Lllp now owns 950 shares of the real estate investment trust's stock worth $167,000 after purchasing an additional 945 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of EastGroup Properties by 28.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 190,144 shares of the real estate investment trust's stock worth $33,494,000 after purchasing an additional 41,538 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of EastGroup Properties by 309.8% in the 1st quarter. Jane Street Group LLC now owns 15,878 shares of the real estate investment trust's stock worth $2,797,000 after purchasing an additional 12,003 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of EastGroup Properties by 2.2% in the 1st quarter. Focus Partners Wealth now owns 6,103 shares of the real estate investment trust's stock worth $1,075,000 after purchasing an additional 130 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust's stock worth $613,000 after purchasing an additional 68 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.

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