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

Shares of EastGroup Properties, Inc. (NYSE:EGP) have been assigned an average rating of “Hold” from the fifteen brokerages that are covering the company, Marketbeat reports. Nine equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $184.00.

A number of research analysts have recently issued reports on EGP shares. Barclays reduced their price objective on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a report on Monday, April 29th. Mizuho reissued a “neutral” rating and issued a $185.00 price objective on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Piper Sandler cut their target price on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. Evercore ISI dropped their price objective on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research note on Thursday, April 25th. Finally, Truist Financial upped 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.

Insider Activity at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the stock in a transaction dated Tuesday, February 13th. The shares were 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 owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On EastGroup Properties

A number of large investors have recently made changes to their positions in the stock. GAMMA Investing LLC purchased a new stake in EastGroup Properties during the 4th 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 valued at $36,000 after acquiring an additional 66 shares during the period. ZRC Wealth Management LLC bought a new position in shares of EastGroup Properties in the fourth quarter valued at approximately $37,000. Mather Group LLC. purchased a new position in EastGroup Properties during the first quarter valued at approximately $42,000. Finally, Tucker Asset Management LLC bought a new stake in EastGroup Properties during the 3rd quarter worth approximately $44,000. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $162.09 on Wednesday. The stock’s 50 day moving average is $171.68 and its 200-day moving average is $174.84. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $7.80 billion, a price-to-earnings ratio of 35.16, a PEG ratio of 2.78 and a beta of 0.96.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid 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 3.13%. EastGroup Properties’s payout ratio is 110.20%.

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.