EastGroup Properties (NYSE:EGP) Sets New 1-Year High – Should You Buy?

EastGroup Properties, Inc. (NYSE:EGP)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $193.96 and last traded at $192.10, with a volume of 17299 shares changing hands. The stock had previously closed at $192.92.

Wall Street Analyst Weigh In

EGP has been the subject of several research analyst reports. Cantor Fitzgerald boosted their price objective on EastGroup Properties from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Morgan Stanley set a $205.00 price target on EastGroup Properties in a report on Friday, January 16th. Truist Financial raised their price objective on EastGroup Properties from $203.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Weiss Ratings reiterated a “buy (b-)” rating on shares of EastGroup Properties in a research note on Monday, December 29th. Finally, Robert W. Baird set a $203.00 target price on shares of EastGroup Properties in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $200.18.

EastGroup Properties Stock Down 0.5%

The firm’s 50 day simple moving average is $184.04 and its 200 day simple moving average is $176.52. The company has a market cap of $10.24 billion, a price-to-earnings ratio of 39.42, a price-to-earnings-growth ratio of 2.82 and a beta of 1.11. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is currently 127.31%.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EGP. Invesco Ltd. raised its stake in shares of EastGroup Properties by 14.9% in the 4th quarter. Invesco Ltd. now owns 1,024,829 shares of the real estate investment trust’s stock worth $182,563,000 after buying an additional 132,878 shares in the last quarter. Corient Private Wealth LLC raised its position in EastGroup Properties by 623.9% in the fourth quarter. Corient Private Wealth LLC now owns 174,997 shares of the real estate investment trust’s stock worth $31,174,000 after acquiring an additional 150,822 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in EastGroup Properties by 7.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 31,699 shares of the real estate investment trust’s stock valued at $5,647,000 after acquiring an additional 2,136 shares during the last quarter. First Citizens Bank & Trust Co. boosted its position in shares of EastGroup Properties by 1.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 4,320 shares of the real estate investment trust’s stock valued at $770,000 after purchasing an additional 76 shares in the last quarter. Finally, State of Tennessee Department of Treasury grew its stake in shares of EastGroup Properties by 3.4% in the 4th quarter. State of Tennessee Department of Treasury now owns 135,200 shares of the real estate investment trust’s stock worth $24,558,000 after purchasing an additional 4,430 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.