EastGroup Properties (NYSE:EGP) Reaches New 52-Week High After Analyst Upgrade

EastGroup Properties, Inc. (NYSE:EGP) shares reached a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $210.00 to $220.00. Citigroup currently has a buy rating on the stock. EastGroup Properties traded as high as $193.14 and last traded at $192.3510, with a volume of 277524 shares trading hands. The stock had previously closed at $190.49.

Several other research firms have also recently commented on EGP. Wall Street Zen cut shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. Cantor Fitzgerald increased their target price on EastGroup Properties from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Evercore ISI set a $188.00 price target on shares of EastGroup Properties in a report on Friday, February 6th. Wells Fargo & Company lifted their target price on shares of EastGroup Properties from $187.00 to $196.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Finally, Robert W. Baird set a $200.00 target price on EastGroup Properties in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.89.

Institutional Trading of EastGroup Properties

Institutional investors have recently bought and sold shares of the stock. Nordea Investment Management AB increased its holdings in EastGroup Properties by 13.4% in the third quarter. Nordea Investment Management AB now owns 82,533 shares of the real estate investment trust’s stock valued at $13,912,000 after purchasing an additional 9,776 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of EastGroup Properties by 43.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock worth $336,076,000 after buying an additional 602,253 shares during the period. Ameritas Investment Partners Inc. grew its position in shares of EastGroup Properties by 34.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,699 shares of the real estate investment trust’s stock worth $2,289,000 after buying an additional 3,480 shares during the period. Tributary Capital Management LLC acquired a new stake in shares of EastGroup Properties in the 3rd quarter valued at approximately $1,294,000. Finally, Amalgamated Bank raised its position in shares of EastGroup Properties by 1.3% in the 2nd quarter. Amalgamated Bank now owns 23,972 shares of the real estate investment trust’s stock valued at $4,006,000 after acquiring an additional 299 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Stock Down 1.4%

The firm has a market cap of $9.99 billion, a P/E ratio of 38.45, a price-to-earnings-growth ratio of 2.77 and a beta of 1.11. The firm’s 50 day moving average is $182.78 and its two-hundred day moving average is $175.16. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 127.31%.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.