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

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

Several other equities research analysts also recently commented on the stock. 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 research note on Thursday, May 2nd. BMO Capital Markets initiated coverage on shares of EastGroup Properties in a research report on Monday, April 22nd. They set an outperform rating and a $190.00 price target on the stock. Robert W. Baird lowered their price target on EastGroup Properties from $195.00 to $175.00 and set an outperform rating on the stock in a research report on Wednesday, May 1st. Barclays reduced their price objective on EastGroup Properties from $181.00 to $175.00 and set an equal weight rating for the company in a report on Monday, April 29th. Finally, KeyCorp reduced their price target on EastGroup Properties from $198.00 to $178.00 and set an overweight rating on the stock in a research report on Tuesday, April 30th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $184.00.

EastGroup Properties Stock Performance

NYSE:EGP opened at $161.68 on Monday. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $7.78 billion, a PE ratio of 35.07, a PEG ratio of 2.78 and a beta of 0.96. The firm’s fifty day simple moving average is $171.37 and its 200 day simple moving average is $174.75.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $1.27 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a yield of 3.14%. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Insider Buying and Selling at EastGroup Properties

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

Institutional Trading of EastGroup Properties

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in EastGroup Properties by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock valued at $1,221,077,000 after acquiring an additional 120,746 shares during the last quarter. Deutsche Bank AG lifted its holdings in EastGroup Properties by 3.9% during the 3rd quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock valued at $173,598,000 after buying an additional 38,766 shares in the last quarter. Boston Partners increased its holdings in EastGroup Properties by 42.7% during the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock valued at $138,813,000 after buying an additional 226,169 shares during the period. Invesco Ltd. lifted its holdings in shares of EastGroup Properties by 12.7% during the 3rd quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after purchasing an additional 81,636 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of EastGroup Properties by 113.1% in the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock worth $115,773,000 after purchasing an additional 368,954 shares during the last quarter. 92.14% of the stock is owned by 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.