EastGroup Properties (NYSE:EGP) Stock Price Breaks Below 200 Day Moving Average - What's Next?

Key Points

• EastGroup Properties fell below its 200-day moving average, trading as low as $193.82 versus the average of $198.30 and last changing hands at $194.26.
• Analysts maintain a “Moderate Buy” consensus from 12 Buy and five Hold ratings, with an average price target of $219.94.
• The REIT reported quarterly EPS of $1.46, below the $2.43 consensus, while revenue of $199.44 million topped estimates and grew 9.5% year over year. It also raised its quarterly dividend to $1.75 per share.

Shares of EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $198.30 and traded as low as $193.82. EastGroup Properties shares last traded at $194.2590, with a volume of 712,425 shares traded.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Truist Financial decreased their price target on EastGroup Properties from $230.00 to $215.00 and set a "buy" rating for the company in a research note on Friday, October 30th. KeyCorp lifted their price objective on shares of EastGroup Properties from $210.00 to $220.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Cantor Fitzgerald reduced their price objective on shares of EastGroup Properties from $235.00 to $220.00 and set an "overweight" rating for the company in a report on Monday, October 26th. Weiss Ratings downgraded shares of EastGroup Properties from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 9th. Finally, Barclays increased their target price on shares of EastGroup Properties from $210.00 to $228.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $219.94.

EastGroup Properties Price Performance

The stock has a market cap of $10.45 billion, a P/E ratio of 32.93, a PEG ratio of 4.02 and a beta of 0.94. The company has a fifty day moving average of $198.57 and a 200 day moving average of $198.30.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share for the quarter, missing analysts' consensus estimates of $2.43 by ($0.97). The firm had revenue of $199.44 million during the quarter, compared to analyst estimates of $197.51 million. EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The business's revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the company earned $2.27 earnings per share. As a group, analysts anticipate that EastGroup Properties, Inc. will post 9.64 EPS for the current year.

EastGroup Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a dividend of $1.75 per share. This is an increase from EastGroup Properties's previous quarterly dividend of $1.55. This represents a $7.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Wednesday, September 30th. EastGroup Properties's dividend payout ratio (DPR) is 118.64%.

Insiders Place Their Bets

In related news, CFO Staci Tyler sold 1,600 shares of EastGroup Properties stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $201.69, for a total transaction of $322,704.00. Following the transaction, the chief financial officer directly owned 13,584 shares of the company's stock, valued at $2,739,756.96. The trade was a 10.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EastGroup Properties

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC acquired a new position in EastGroup Properties in the 2nd quarter valued at approximately $26,000. Pension & Wealth Management Advisors Inc. purchased a new stake in EastGroup Properties in the 3rd quarter worth approximately $25,000. CX Institutional boosted its stake in shares of EastGroup Properties by 115.9% during the 3rd quarter. CX Institutional now owns 149 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 80 shares during the period. Glen Eagle Advisors LLC boosted its stake in shares of EastGroup Properties by 96.3% during the 1st quarter. Glen Eagle Advisors LLC now owns 212 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 104 shares during the period. Finally, Avalon Trust Co acquired a new stake in shares of EastGroup Properties during the 1st quarter valued at $46,000. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Company Profile

EastGroup Properties, Inc NYSE: EGP is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.

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