EastGroup Properties (NYSE:EGP) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of EastGroup Properties (NYSE:EGP) from a sell rating to a hold rating in a report issued on Saturday morning.

Several other brokerages have also recently issued reports on EGP. KeyCorp raised shares of EastGroup Properties from a “sector weight” rating to an “overweight” rating and set a $200.00 price target on the stock in a research report on Thursday, December 4th. Robert W. Baird set a $200.00 target price on shares of EastGroup Properties in a report on Thursday, January 8th. Royal Bank Of Canada set a $183.00 price target on shares of EastGroup Properties and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. Cantor Fitzgerald restated an “overweight” rating on shares of EastGroup Properties in a research note on Tuesday, January 20th. Finally, Deutsche Bank Aktiengesellschaft cut EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 price objective on the stock. in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus target price of $195.19.

EastGroup Properties Price Performance

EGP stock opened at $180.29 on Friday. The business’s fifty day moving average price is $181.64 and its 200 day moving average price is $174.09. EastGroup Properties has a 12-month low of $137.67 and a 12-month high of $188.89. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $9.62 billion, a PE ratio of 37.88, a P/E/G ratio of 2.66 and a beta of 1.11.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio is 130.25%.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, EVP Richard Reid Dunbar sold 2,000 shares of EastGroup Properties stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the sale, the executive vice president directly owned 20,630 shares of the company’s stock, valued at $3,610,250. The trade was a 8.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp increased its stake in EastGroup Properties by 18,900.0% in the first quarter. Jones Financial Companies Lllp now owns 950 shares of the real estate investment trust’s stock valued at $167,000 after purchasing an additional 945 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of EastGroup Properties by 28.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 190,144 shares of the real estate investment trust’s stock worth $33,494,000 after buying an additional 41,538 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of EastGroup Properties by 309.8% in the 1st quarter. Jane Street Group LLC now owns 15,878 shares of the real estate investment trust’s stock valued at $2,797,000 after buying an additional 12,003 shares in the last quarter. Focus Partners Wealth grew its position in shares of EastGroup Properties by 2.2% in the 1st quarter. Focus Partners Wealth now owns 6,103 shares of the real estate investment trust’s stock valued at $1,075,000 after buying an additional 130 shares during the last quarter. Finally, HB Wealth Management LLC grew its position in shares of EastGroup Properties by 38.0% in the 2nd quarter. HB Wealth Management LLC now owns 2,338 shares of the real estate investment trust’s stock valued at $391,000 after buying an additional 644 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

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.