EastGroup Properties (NYSE:EGP) Share Price Breaks Below Two Hundred Day Moving Average – Time to Sell?

EastGroup Properties, Inc. (NYSE:EGP)’s share price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $198.30 and traded as low as $193.82. EastGroup Properties shares last traded at $194.2590, with a volume of 712,425 shares.

Analyst Ratings Changes

EGP has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on EastGroup Properties from $232.00 to $236.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. Citigroup boosted their price target on EastGroup Properties from $235.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. KeyCorp upped their price objective on EastGroup Properties from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Truist Financial dropped their price objective on EastGroup Properties from $230.00 to $215.00 and set a “buy” rating on the stock in a research report on Friday, October 30th. Finally, Robert W. Baird set a $221.00 target price on EastGroup Properties in a research note on Friday, July 31st. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and an average target price of $219.94.

EastGroup Properties Stock Up 0.0%

The company has a market capitalization of $10.43 billion, a price-to-earnings ratio of 32.86, a P/E/G ratio of 4.02 and a beta of 0.94. The company’s 50 day simple moving average is $198.45 and its two-hundred day simple moving average is $198.34.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.97). EastGroup Properties had a return on equity of 8.90% and a net margin of 41.05%. The business had revenue of $199.44 million for the quarter, compared to analyst estimates of $197.51 million. During the same period in the previous year, the company posted $2.27 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Analysts anticipate that EastGroup Properties, Inc. will post 9.64 EPS for the current year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $1.75 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.00 annualized dividend and a yield of 3.6%. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.55. EastGroup Properties’s dividend payout ratio is currently 118.64%.

Insider Buying and Selling

In other EastGroup Properties news, CFO Staci Tyler sold 1,600 shares of the firm’s stock in a transaction dated Friday, October 23rd. The stock was sold at an average price of $201.69, for a total value of $322,704.00. Following the completion of the sale, the chief financial officer owned 13,584 shares of the company’s stock, valued at approximately $2,739,756.96. This trade represents a 10.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC increased its stake in EastGroup Properties by 415.1% during the 2nd quarter. Squarepoint Ops LLC now owns 30,301 shares of the real estate investment trust’s stock valued at $6,137,000 after purchasing an additional 24,419 shares in the last quarter. California State Teachers Retirement System increased its position in shares of EastGroup Properties by 22.7% in the 1st quarter. California State Teachers Retirement System now owns 62,095 shares of the real estate investment trust’s stock valued at $11,493,000 after acquiring an additional 11,504 shares during the period. Bank of America Corp DE purchased a new position in EastGroup Properties in the 2nd quarter worth $94,505,000. B. Metzler seel. Sohn & Co. AG acquired a new stake in EastGroup Properties during the 2nd quarter worth about $3,753,000. Finally, SummitTX Capital L.P. grew its stake in EastGroup Properties by 28.3% during the 1st quarter. SummitTX Capital L.P. now owns 21,577 shares of the real estate investment trust’s stock valued at $3,994,000 after purchasing an additional 4,758 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

About EastGroup Properties

EastGroup Properties, Inc (NYSE: EGP) is a self-administered and self-managed real estate investment trust that owns, develops, acquires and operates industrial properties. The company primarily focuses on functional, flexible warehouse and distribution facilities designed to serve local and regional businesses, including light manufacturing, service and last-mile distribution users.

Founded in 1969 and headquartered in Jackson, Mississippi, EastGroup concentrates its portfolio in major Sun Belt markets.