EastGroup Properties (NYSE:EGP) PT Lowered to $178.00 at Evercore ISI

EastGroup Properties (NYSE:EGP) had its price target cut by Evercore ISI from $190.00 to $178.00 in a research note published on Thursday morning, Benzinga reports. They currently have an in-line rating on the real estate investment trust’s stock.

Several other brokerages have also issued reports on EGP. Mizuho reaffirmed a neutral rating and set a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Truist Financial upped their price target on EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research note on Tuesday, February 20th. BMO Capital Markets initiated coverage on EastGroup Properties in a research note on Monday, April 22nd. They set an outperform rating and a $190.00 price target on the stock. KeyCorp upped their price target on EastGroup Properties from $188.00 to $198.00 and gave the company an overweight rating in a research note on Monday, February 12th. Finally, JPMorgan Chase & Co. initiated coverage on EastGroup Properties in a research note on Thursday, April 11th. They set a neutral rating and a $190.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties has a consensus rating of Hold and a consensus price target of $189.00.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $155.92 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.28 and a current ratio of 0.10. The firm has a market cap of $7.51 billion, a P/E ratio of 33.82, a P/E/G ratio of 2.47 and a beta of 0.93. The business’s fifty day moving average is $174.81 and its two-hundred day moving average is $175.05. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $1.27 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a yield of 3.26%. EastGroup Properties’s dividend payout ratio is presently 110.20%.

Insider Activity at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On EastGroup Properties

Several large investors have recently modified their holdings of EGP. Norges Bank bought a new stake in shares of EastGroup Properties in the fourth quarter worth about $103,931,000. Wellington Management Group LLP increased its holdings in shares of EastGroup Properties by 113.1% in the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock worth $115,773,000 after acquiring an additional 368,954 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of EastGroup Properties during the third quarter worth about $58,974,000. Boston Partners boosted its position 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 worth $138,813,000 after buying an additional 226,169 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position 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 worth $40,253,000 after buying an additional 224,014 shares during the period. 92.14% of the stock is currently owned by 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.