Royal Bank of Canada Trims EastGroup Properties (NYSE:EGP) Target Price to $172.00

EastGroup Properties (NYSE:EGP) had its price objective reduced by Royal Bank of Canada from $190.00 to $172.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust’s stock.

A number of other brokerages have also recently commented on EGP. Barclays decreased their target price on EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a report on Monday, April 29th. JPMorgan Chase & Co. reduced their target price on shares of EastGroup Properties from $190.00 to $183.00 and set a neutral rating on the stock in a report on Thursday, May 2nd. KeyCorp cut their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an overweight rating on the stock in a research report on Tuesday, April 30th. Mizuho reiterated a neutral rating and issued a $185.00 target price on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Finally, BMO Capital Markets started coverage on EastGroup Properties in a report on Monday, April 22nd. They issued an outperform rating and a $190.00 price objective for the company. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $184.00.

EastGroup Properties Stock Down 0.2 %

EGP opened at $161.68 on Monday. The firm has a 50 day moving average price of $171.37 and a 200-day moving average price of $174.75. The stock has a market capitalization of $7.78 billion, a price-to-earnings ratio of 35.07, a PEG ratio of 2.78 and a beta of 0.96. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders 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 3.14%. EastGroup Properties’s payout ratio is currently 110.20%.

Insider Buying and Selling at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EastGroup Properties

Several large investors have recently modified their holdings of EGP. GAMMA Investing LLC purchased a new position in EastGroup Properties during the 4th quarter valued at about $31,000. Venturi Wealth Management LLC increased its stake in 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 during the last quarter. ZRC Wealth Management LLC purchased a new stake in shares of EastGroup Properties during the 4th quarter valued at $37,000. Mather Group LLC. purchased a new stake in shares of EastGroup Properties during the 1st quarter worth about $42,000. Finally, Tucker Asset Management LLC acquired a new position in shares of EastGroup Properties during the 3rd quarter valued at $44,000. Institutional investors and hedge funds own 92.14% of the company’s stock.

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.