EastGroup Properties (NYSE:EGP) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of EastGroup Properties (NYSE:EGP) from a sell rating to a hold rating in a report released on Saturday morning.

Several other brokerages also recently weighed in on EGP. Piper Sandler set a $220.00 price target on EastGroup Properties in a report on Friday, December 12th. Industrial Alliance Securities set a $200.00 price target on shares of EastGroup Properties in a research note on Monday, October 27th. Evercore ISI boosted their price target on EastGroup Properties from $183.00 to $185.00 and gave the company an “in-line” rating in a report on Monday, December 22nd. Truist Financial raised their price objective on EastGroup Properties from $177.00 to $188.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Finally, Royal Bank Of Canada set a $183.00 target price on EastGroup Properties and gave the company a “sector perform” rating in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $195.19.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $181.58 on Friday. The stock has a market cap of $9.69 billion, a price-to-earnings ratio of 38.15, a price-to-earnings-growth ratio of 2.66 and a beta of 1.11. The stock has a 50 day moving average price of $181.64 and a 200-day moving average price of $173.90. EastGroup Properties has a one year low of $137.67 and a one year high of $188.89. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.01 and a current ratio of 0.01.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.4%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s payout ratio is 130.25%.

Insider Buying and Selling

In other EastGroup Properties news, EVP Richard Reid Dunbar sold 2,000 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $175.00, for a total transaction of $350,000.00. Following the completion of the sale, the executive vice president directly owned 20,630 shares of the company’s stock, valued at approximately $3,610,250. This represents a 8.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EGP. Nordea Investment Management AB lifted its stake in shares of EastGroup Properties by 13.4% during the third quarter. Nordea Investment Management AB now owns 82,533 shares of the real estate investment trust’s stock worth $13,912,000 after buying an additional 9,776 shares during the period. HB Wealth Management LLC raised its stake in EastGroup Properties by 38.0% in the 2nd quarter. HB Wealth Management LLC now owns 2,338 shares of the real estate investment trust’s stock worth $391,000 after acquiring an additional 644 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in EastGroup Properties by 34.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,699 shares of the real estate investment trust’s stock worth $2,289,000 after acquiring an additional 3,480 shares during the period. Amalgamated Bank lifted its position in EastGroup Properties by 1.3% during the 2nd quarter. Amalgamated Bank now owns 23,972 shares of the real estate investment trust’s stock worth $4,006,000 after acquiring an additional 299 shares during the period. Finally, Tributary Capital Management LLC purchased a new stake in EastGroup Properties during the 3rd quarter valued at about $1,294,000. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.