EastGroup Properties (NYSE:EGP) Price Target Cut to $200.00 by Analysts at Piper Sandler

EastGroup Properties (NYSE:EGP) had its price objective cut by Piper Sandler from $215.00 to $200.00 in a report issued on Monday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued research reports about the company. Evercore ISI lowered their price target on EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a research note on Thursday, April 25th. Barclays assumed coverage on EastGroup Properties in a research note on Wednesday, March 27th. They issued an equal weight rating and a $181.00 price target for the company. Royal Bank of Canada upped their target price on EastGroup Properties from $180.00 to $190.00 and gave the stock a sector perform rating in a research report on Friday, February 16th. Mizuho reaffirmed a neutral rating and set a $185.00 target price on shares of EastGroup Properties in a research report on Tuesday, April 2nd. Finally, BMO Capital Markets assumed coverage on EastGroup Properties in a research report on Monday, April 22nd. They set an outperform rating and a $190.00 target price for the company. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $187.60.

EastGroup Properties Trading Up 1.2 %

Shares of NYSE EGP opened at $157.82 on Monday. The stock has a market cap of $7.60 billion, a price-to-earnings ratio of 34.23, a PEG ratio of 2.47 and a beta of 0.93. The business has a 50 day simple moving average of $174.31 and a 200 day simple moving average of $175.03. EastGroup Properties has a 52 week low of $154.75 and a 52 week high of $188.85. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10.

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. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.22%. EastGroup Properties’s payout ratio is 110.20%.

Insider Activity at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. GAMMA Investing LLC acquired a new position in shares of EastGroup Properties in the fourth quarter valued at $31,000. Venturi Wealth Management LLC raised its stake 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 purchasing an additional 66 shares in the last quarter. ZRC Wealth Management LLC acquired a new position in EastGroup Properties during the fourth quarter worth $37,000. Mather Group LLC. acquired a new position in EastGroup Properties during the first quarter worth $42,000. Finally, Tucker Asset Management LLC acquired a new position in EastGroup Properties during the third quarter worth $44,000. 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.