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

EastGroup Properties (NYSE:EGP) had its target price trimmed by Piper Sandler from $215.00 to $200.00 in a report published on Monday, Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the stock. Truist Financial boosted their price objective on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research note on Tuesday, February 20th. BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They issued an outperform rating and a $190.00 price objective on the stock. Evercore ISI dropped their price objective on shares of 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. KeyCorp boosted their price objective on shares of EastGroup Properties from $188.00 to $198.00 and gave the company an overweight rating in a research note on Monday, February 12th. Finally, Royal Bank of Canada boosted their price objective on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research note on Friday, February 16th. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $187.60.

EastGroup Properties Stock Up 1.2 %

EGP stock opened at $157.82 on Monday. The company has a fifty day moving average price of $174.31 and a 200 day moving average price of $175.03. EastGroup Properties has a 12 month low of $154.75 and a 12 month high of $188.85. The company has a market cap of $7.60 billion, a price-to-earnings ratio of 34.23, a price-to-earnings-growth ratio of 2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10.

EastGroup Properties Announces Dividend

The business 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 of this dividend was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.22%. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Insider Transactions at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On EastGroup Properties

A number of large investors have recently added to or reduced their stakes in EGP. Norges Bank acquired a new stake in EastGroup Properties in the 4th quarter valued at about $103,931,000. Wellington Management Group LLP grew its stake in EastGroup Properties by 113.1% in the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after acquiring an additional 368,954 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in EastGroup Properties in the 3rd quarter valued at about $58,974,000. Boston Partners grew its stake in EastGroup Properties by 42.7% in the 4th quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock valued at $138,813,000 after acquiring an additional 226,169 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in EastGroup Properties by 1,265.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 241,716 shares of the real estate investment trust’s stock valued at $40,253,000 after acquiring an additional 224,014 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

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.