EastGroup Properties (NYSE:EGP) Given New $175.00 Price Target at Robert W. Baird

EastGroup Properties (NYSE:EGP) had its target price decreased by Robert W. Baird from $195.00 to $175.00 in a research note published on Wednesday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities analysts have also commented on EGP. KeyCorp lowered their price target 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. BMO Capital Markets initiated coverage on shares of EastGroup Properties in a research report on Monday, April 22nd. They issued an outperform rating and a $190.00 price target for the company. Truist Financial boosted their price target on EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research note on Tuesday, February 20th. Barclays reduced their price objective on shares of EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a research note on Monday. Finally, Royal Bank of Canada boosted their target price on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research report on Friday, February 16th. Ten analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $185.56.

EastGroup Properties Stock Performance

NYSE:EGP opened at $156.86 on Wednesday. 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 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 stock has a market cap of $7.55 billion, a P/E ratio of 34.03, a PEG ratio of 2.47 and a beta of 0.96.

EastGroup Properties Announces Dividend

The company also recently disclosed 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 related news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the sale, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On EastGroup Properties

A number of large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of EastGroup Properties in the 4th quarter worth $103,931,000. Wellington Management Group LLP lifted its position in EastGroup Properties by 113.1% in the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after acquiring an additional 368,954 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in EastGroup Properties during the 3rd quarter valued at about $58,974,000. Boston Partners increased its holdings in EastGroup Properties by 42.7% during the 4th quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock worth $138,813,000 after purchasing an additional 226,169 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of EastGroup Properties by 1,265.5% in the third quarter. Daiwa Securities Group Inc. now owns 241,716 shares of the real estate investment trust’s stock worth $40,253,000 after purchasing an additional 224,014 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.