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

EastGroup Properties (NYSE:EGP) had its target price reduced by Robert W. Baird from $195.00 to $175.00 in a report issued on Wednesday, Benzinga reports. Robert W. Baird currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently issued reports on EGP. Piper Sandler dropped their price target on shares of EastGroup Properties from $215.00 to $200.00 and set an overweight rating on the stock in a research note on Monday, April 29th. BMO Capital Markets started coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They set an outperform rating and a $190.00 target price on the stock. Barclays lowered their target price on shares of EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a research note on Monday, April 29th. Royal Bank of Canada lifted their target price on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a sector perform rating in a research note on Friday, February 16th. Finally, Truist Financial lifted their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research note on Tuesday, February 20th. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $185.13.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $159.86 on Wednesday. The company’s fifty day moving average price is $172.39 and its 200 day moving average price is $174.73. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85. The stock has a market capitalization of $7.70 billion, a P/E ratio of 34.68, a P/E/G ratio of 2.75 and a beta of 0.96. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $1.27 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a dividend yield of 3.18%. EastGroup Properties’s dividend payout ratio is presently 110.20%.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of EastGroup Properties 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 sale, the chief financial officer now owns 102,617 shares in the company, valued at $18,752,230.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of EastGroup Properties by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock valued at $1,221,077,000 after acquiring an additional 120,746 shares during the period. Deutsche Bank AG raised its position in EastGroup Properties by 3.9% in the third quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock valued at $173,598,000 after purchasing an additional 38,766 shares during the period. Boston Partners lifted its stake in 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 purchasing an additional 226,169 shares in the last quarter. Invesco Ltd. boosted its position in shares of EastGroup Properties by 12.7% during the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock worth $120,975,000 after buying an additional 81,636 shares during the period. Finally, Wellington Management Group LLP boosted its position 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 worth $115,773,000 after buying an additional 368,954 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

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.