JPMorgan Chase & Co. Cuts EastGroup Properties (NYSE:EGP) Price Target to $183.00

EastGroup Properties (NYSE:EGP - Free Report) had its price target cut by JPMorgan Chase & Co. from $190.00 to $183.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a neutral rating on the real estate investment trust's stock.

Other equities research analysts have also recently issued research reports about the company. Evercore ISI lowered their price target on EastGroup Properties from $190.00 to $178.00 and set an in-line rating on the stock in a report on Thursday, April 25th. Robert W. Baird lowered their price target on EastGroup Properties from $195.00 to $175.00 and set an outperform rating on the stock in a report on Wednesday. Truist Financial upped their price target on EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a report on Tuesday, February 20th. Mizuho reaffirmed a neutral rating and issued a $185.00 target price on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Finally, Barclays reduced their target price on EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a research note on Monday. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, EastGroup Properties has a consensus rating of Hold and an average target price of $185.13.

EastGroup Properties Price Performance

Shares of EGP traded up $1.66 on Thursday, reaching $158.52. The stock had a trading volume of 297,592 shares, compared to its average volume of 289,413. The firm has a market capitalization of $7.63 billion, a PE ratio of 34.41, a PEG ratio of 2.47 and a beta of 0.96. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The firm has a 50-day moving average of $173.28 and a 200 day moving average of $174.84. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85.

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 paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties's dividend payout ratio is presently 110.20%.

Insider Buying and Selling

In related news, CFO Brent Wood sold 2,500 shares of the stock in a transaction on Tuesday, February 13th. The stock was 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 approximately $18,752,230.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in EastGroup Properties in the 4th quarter valued at $103,931,000. Wellington Management Group LLP grew its stake in shares of EastGroup Properties by 113.1% during the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust's stock valued at $115,773,000 after acquiring an additional 368,954 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of EastGroup Properties during the third quarter valued at about $58,974,000. Boston Partners grew its stake in shares of EastGroup Properties by 42.7% during the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust's stock valued at $138,813,000 after acquiring an additional 226,169 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in shares of EastGroup Properties by 1,265.5% during the third quarter. Daiwa Securities Group Inc. now owns 241,716 shares of the real estate investment trust's stock valued at $40,253,000 after acquiring an additional 224,014 shares in the last quarter. 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.