Piper Sandler Trims EastGroup Properties (NYSE:EGP) Target Price to $200.00

EastGroup Properties (NYSE:EGP) had its price target reduced by Piper Sandler from $215.00 to $200.00 in a research note published on Monday, Benzinga reports. Piper Sandler currently has an overweight rating on the real estate investment trust’s stock.

Several other research firms have also commented on EGP. Barclays began coverage on shares of EastGroup Properties in a research note on Wednesday, March 27th. They set an equal weight rating and a $181.00 price objective for the company. KeyCorp upped their price objective on shares of EastGroup Properties from $188.00 to $198.00 and gave the company an overweight rating in a report on Monday, February 12th. Truist Financial boosted their target price on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research report on Tuesday, February 20th. Royal Bank of Canada raised their price target on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a sector perform rating in a report on Friday, February 16th. Finally, Mizuho reissued a neutral rating and set a $185.00 price objective on shares of EastGroup Properties in a report on Tuesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $185.56.

EastGroup Properties Trading Up 1.0 %

Shares of NYSE:EGP opened at $156.86 on Monday. The company has a market capitalization of $7.55 billion, a PE ratio of 34.18, a P/E/G ratio of 2.50 and a beta of 0.93. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The business’s fifty day simple moving average is $173.79 and its 200-day simple moving average is $174.96.

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 paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio is currently 110.20%.

Insider Activity at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a filing with the SEC, which is available at this link. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC acquired a new position in shares of EastGroup Properties during the fourth quarter valued at approximately $31,000. Venturi Wealth Management LLC raised its stake in EastGroup Properties by 51.6% in the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 66 shares during the last quarter. ZRC Wealth Management LLC purchased a new position in EastGroup Properties in the 4th quarter valued at $37,000. Mather Group LLC. acquired a new stake in EastGroup Properties during the 1st quarter worth $42,000. Finally, Tucker Asset Management LLC purchased a new stake in shares of EastGroup Properties during the third quarter worth $44,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

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.