EastGroup Properties (NYSE:EGP - Free Report) had its price objective reduced by KeyCorp from $198.00 to $178.00 in a research note released on Tuesday, Benzinga reports. KeyCorp currently has an overweight rating on the real estate investment trust's stock.
Several other equities analysts have also recently weighed in on EGP. BMO Capital Markets started coverage on EastGroup Properties in a research report on Monday, April 22nd. They issued an outperform rating and a $190.00 price target for the company. JPMorgan Chase & Co. started coverage on EastGroup Properties in a research report on Thursday, April 11th. They issued a neutral rating and a $190.00 price target for the company. Mizuho reiterated a neutral rating and issued a $185.00 price target on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Royal Bank of Canada lifted their price target on EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research report on Friday, February 16th. Finally, Evercore ISI reduced their price target on EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a research report on Thursday, April 25th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $186.27.
View Our Latest Research Report on EGP
EastGroup Properties Stock Performance
NYSE:EGP traded down $2.35 during trading hours on Tuesday, reaching $155.47. The stock had a trading volume of 270,908 shares, compared to its average volume of 288,945. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10. The stock has a 50 day simple moving average of $174.31 and a 200 day simple moving average of $175.03. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The stock has a market cap of $7.48 billion, a P/E ratio of 33.70, a price-to-earnings-growth ratio of 2.47 and a beta of 0.93.
EastGroup Properties Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties's payout ratio is 110.20%.
Insider Buying and Selling at EastGroup Properties
In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.
Institutional Trading of EastGroup Properties
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. SYSTM Wealth Solutions LLC lifted its position in EastGroup Properties by 24.2% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust's stock valued at $60,000 after acquiring an additional 65 shares in the last quarter. Venturi Wealth Management LLC lifted its position in EastGroup Properties by 51.6% in the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 66 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in EastGroup Properties by 0.7% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust's stock valued at $1,680,000 after acquiring an additional 67 shares in the last quarter. Baker Avenue Asset Management LP lifted its position in EastGroup Properties by 18.2% in the 3rd quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust's stock valued at $78,000 after acquiring an additional 72 shares in the last quarter. Finally, UniSuper Management Pty Ltd lifted its position in EastGroup Properties by 0.8% in the 3rd quarter. UniSuper Management Pty Ltd now owns 12,500 shares of the real estate investment trust's stock valued at $2,082,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.
About EastGroup Properties
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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.
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