EastGroup Properties (NYSE:EGP) Given New $200.00 Price Target at Piper Sandler

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

A number of other brokerages have also commented on EGP. BMO Capital Markets began coverage on shares of EastGroup Properties in a report on Monday, April 22nd. They issued an outperform rating and a $190.00 price objective on the stock. Royal Bank of Canada increased 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. Barclays started coverage on EastGroup Properties in a report on Wednesday, March 27th. They set an equal weight rating and a $181.00 target price on the stock. Evercore ISI lowered their price target on EastGroup Properties from $190.00 to $178.00 and set an in-line rating for the company in a report on Thursday, April 25th. Finally, KeyCorp lifted their price objective on shares of EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a report on Monday, February 12th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $185.56.

EastGroup Properties Price Performance

EGP stock opened at $156.86 on Monday. The firm has a market cap of $7.55 billion, a P/E ratio of 34.18, a price-to-earnings-growth ratio of 2.50 and a beta of 0.93. The stock has a 50-day simple moving average of $173.79 and a 200-day simple moving average of $174.96. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Insider Buying and Selling

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

Institutional Trading of EastGroup Properties

A number of hedge funds have recently bought and sold shares of EGP. GAMMA Investing LLC acquired a new stake in EastGroup Properties during the 4th quarter valued at $31,000. Venturi Wealth Management LLC grew its position in EastGroup Properties by 51.6% during 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 in the last quarter. ZRC Wealth Management LLC acquired a new position in EastGroup Properties in the 4th quarter valued at approximately $37,000. Mather Group LLC. purchased a new stake in EastGroup Properties in the 1st quarter worth approximately $42,000. Finally, Tucker Asset Management LLC acquired a new stake in shares of EastGroup Properties during the 3rd quarter valued at $44,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

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.