EastGroup Properties, Inc. (NYSE:EGP) Receives Average Recommendation of “Hold” from Brokerages

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been assigned a consensus rating of “Hold” from the eleven brokerages that are currently covering the firm, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $188.36.

Several brokerages have recently issued reports on EGP. Barclays initiated coverage on EastGroup Properties in a research report on Wednesday, March 27th. They issued an “equal weight” rating and a $181.00 price objective on the stock. Royal Bank of Canada upped their target price on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a report on Friday, February 16th. Mizuho reiterated a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a report on Tuesday, April 2nd. JPMorgan Chase & Co. started coverage on shares of EastGroup Properties in a research note on Thursday, April 11th. They set a “neutral” rating and a $190.00 price objective on the stock. 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.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $159.37 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28. The business’s fifty day moving average price is $177.23 and its two-hundred day moving average price is $175.22. The stock has a market cap of $7.65 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 2.57 and a beta of 0.93. EastGroup Properties has a one year low of $154.75 and a one year high of $188.85.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 3.19%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is currently 115.19%.

Insider Activity at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On EastGroup Properties

Several large investors have recently made changes to their positions in the business. Quarry LP purchased a new stake in EastGroup Properties during the 2nd quarter worth $27,000. Dark Forest Capital Management LP lifted its stake in shares of EastGroup Properties by 3,380.0% during the first quarter. Dark Forest Capital Management LP now owns 174 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 169 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of EastGroup Properties in the fourth quarter worth about $31,000. Venturi Wealth Management LLC boosted its position in shares of EastGroup Properties by 51.6% in the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 66 shares during the period. Finally, ZRC Wealth Management LLC acquired a new stake in shares of EastGroup Properties in the fourth quarter valued at about $37,000. Institutional investors and hedge funds 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.