Robert W. Baird Trims EastGroup Properties (NYSE:EGP) Target Price to $175.00

EastGroup Properties (NYSE:EGP - Free Report) had its price target lowered by Robert W. Baird from $195.00 to $175.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust's stock.

EGP has been the subject of a number of other research reports. Truist Financial raised their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. initiated coverage on shares of EastGroup Properties in a report on Thursday, April 11th. They issued a neutral rating and a $190.00 price target for the company. KeyCorp cut their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an overweight rating on the stock in a research note on Tuesday. Evercore ISI cut their price objective on shares of EastGroup Properties from $190.00 to $178.00 and set an in-line rating on the stock in a research note on Thursday, April 25th. Finally, BMO Capital Markets initiated coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They issued an outperform rating and a $190.00 price objective on the stock. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $185.56.

EastGroup Properties Stock Performance

Shares of NYSE EGP traded up $1.50 during midday trading on Wednesday, reaching $156.86. The company had a trading volume of 320,147 shares, compared to its average volume of 289,316. The business's 50-day simple moving average is $173.79 and its 200 day simple moving average is $174.96. The stock has a market cap of $7.55 billion, a P/E ratio of 34.18, a P/E/G ratio of 2.50 and a beta of 0.93. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties's dividend payout ratio is currently 110.20%.

Insider Transactions at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the firm's stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares of the company's stock, valued at $18,752,230.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently modified their holdings of EGP. Exchange Traded Concepts LLC raised its stake in EastGroup Properties by 13.6% during the third quarter. Exchange Traded Concepts LLC now owns 1,589 shares of the real estate investment trust's stock worth $265,000 after purchasing an additional 190 shares during the period. Monument Capital Management purchased a new position in EastGroup Properties during the third quarter worth about $379,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in EastGroup Properties by 6.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust's stock worth $2,958,000 after purchasing an additional 1,035 shares during the period. Mackenzie Financial Corp purchased a new position in EastGroup Properties during the third quarter worth about $5,223,000. Finally, Advisor Partners II LLC raised its stake in EastGroup Properties by 54.7% during the third quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust's stock worth $494,000 after purchasing an additional 1,050 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

About EastGroup Properties

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.