EastGroup Properties (NYSE:EGP) Now Covered by Analysts at Barclays

Barclays started coverage on shares of EastGroup Properties (NYSE:EGP) in a research note released on Wednesday morning, Marketbeat reports. The firm issued an equal weight rating and a $181.00 target price on the real estate investment trust’s stock.

Several other analysts have also recently weighed in on EGP. Royal Bank of Canada increased their price target 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. Mizuho cut shares of EastGroup Properties from a buy rating to a neutral rating and set a $185.00 price target for the company. in a research note on Tuesday, December 5th. KeyCorp increased their price target 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, Truist Financial increased their price target 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. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties currently has a consensus rating of Hold and an average price target of $188.23.

EastGroup Properties Stock Up 1.3 %

Shares of NYSE EGP opened at $178.07 on Wednesday. EastGroup Properties has a 12-month low of $154.75 and a 12-month high of $188.85. The stock has a market cap of $8.54 billion, a PE ratio of 40.38, a P/E/G ratio of 2.84 and a beta of 0.93. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.64. The company has a 50-day moving average of $180.28 and a 200 day moving average of $175.31.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be issued a dividend of $1.27 per share. The ex-dividend date is Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a yield of 2.85%. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.19%.

Insiders Place Their Bets

In other news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at approximately $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On EastGroup Properties

A number of hedge funds and other institutional investors have recently modified their holdings of EGP. Quarry LP acquired a new stake in shares of EastGroup Properties in the 2nd quarter valued at $27,000. Dark Forest Capital Management LP raised its stake in EastGroup Properties by 3,380.0% during the 1st quarter. Dark Forest Capital Management LP now owns 174 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 169 shares in the last quarter. GAMMA Investing LLC acquired a new stake in EastGroup Properties during the 4th quarter worth $31,000. Venturi Wealth Management LLC raised its stake in EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 66 shares in the last quarter. Finally, ZRC Wealth Management LLC acquired a new stake in EastGroup Properties during the 4th quarter worth $37,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Company Profile

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.