EastGroup Properties (NYSE:EGP) Earns Outperform Rating from Analysts at BMO Capital Markets

BMO Capital Markets started coverage on shares of EastGroup Properties (NYSE:EGP) in a research note released on Monday, Marketbeat reports. The firm issued an outperform rating and a $190.00 target price on the real estate investment trust’s stock.

EGP has been the topic of several other reports. KeyCorp boosted their price target on shares of EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a research report on Monday, February 12th. JPMorgan Chase & Co. initiated coverage on EastGroup Properties in a research note on Thursday, April 11th. They issued a neutral rating and a $190.00 price target on the stock. Truist Financial lifted their price target on EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research note on Tuesday, February 20th. Mizuho reissued a neutral rating and issued a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Finally, Royal Bank of Canada lifted their price target on EastGroup Properties from $180.00 to $190.00 and gave the stock a sector perform rating in a research note on Friday, February 16th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $188.47.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $157.75 on Monday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.64. The company’s 50-day moving average price is $176.44 and its two-hundred day moving average price is $175.37. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85. The stock has a market cap of $7.57 billion, a PE ratio of 35.77, a price-to-earnings-growth ratio of 2.59 and a beta of 0.93.

EastGroup Properties Dividend Announcement

The company 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 3.22%. EastGroup Properties’s dividend payout ratio is 115.19%.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of EastGroup Properties 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 approximately $18,752,230.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors have recently made changes to their positions in the company. Venturi Wealth Management LLC lifted its holdings in shares of EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 66 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in EastGroup Properties by 0.7% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust’s stock worth $1,680,000 after purchasing an additional 67 shares during the last quarter. CWM LLC lifted its holdings in EastGroup Properties by 5.4% in the 3rd quarter. CWM LLC now owns 1,396 shares of the real estate investment trust’s stock worth $232,000 after purchasing an additional 71 shares during the last quarter. Baker Avenue Asset Management LP lifted its holdings in EastGroup Properties by 18.2% in the 3rd quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock worth $78,000 after purchasing an additional 72 shares during the last quarter. Finally, UniSuper Management Pty Ltd lifted its holdings in EastGroup Properties by 0.8% in the 3rd quarter. UniSuper Management Pty Ltd now owns 12,500 shares of the real estate investment trust’s stock worth $2,082,000 after purchasing an additional 100 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Company Profile

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.