Barclays Cuts EastGroup Properties (NYSE:EGP) Price Target to $175.00

EastGroup Properties (NYSE:EGP) had its target price lowered by Barclays from $181.00 to $175.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently issued reports on EGP. Evercore ISI cut their target price on EastGroup Properties from $190.00 to $178.00 and set an in-line rating on the stock in a report on Thursday, April 25th. BMO Capital Markets assumed coverage on EastGroup Properties in a report on Monday, April 22nd. They issued an outperform rating and a $190.00 target price on the stock. Mizuho reiterated a neutral rating and issued a $185.00 target price on shares of EastGroup Properties in a report on Tuesday, April 2nd. Truist Financial increased their target price on EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a report on Tuesday, February 20th. Finally, KeyCorp increased their target price on EastGroup Properties from $188.00 to $198.00 and gave the stock an overweight rating in a report on Monday, February 12th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $185.56.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $156.86 on Monday. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 2.50 and a beta of 0.93. EastGroup Properties has a 52-week low of $154.75 and a 52-week high of $188.85. The stock’s 50 day moving average price is $173.79 and its two-hundred day moving average price is $174.96. 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 Dividend Announcement

The firm also recently announced 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 was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio is presently 110.20%.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the sale, the chief financial officer now directly 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 SEC, which is available at the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On EastGroup Properties

Large investors have recently made changes to their positions in the business. Pacer Advisors Inc. grew its stake in shares of EastGroup Properties by 15.0% during the 4th quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock worth $11,293,000 after acquiring an additional 8,002 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in shares of EastGroup Properties by 2.2% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock worth $66,414,000 after acquiring an additional 7,724 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of EastGroup Properties by 3.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock worth $45,370,000 after acquiring an additional 9,160 shares during the period. Invesco Ltd. grew its stake 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 worth $120,975,000 after acquiring an additional 81,636 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in shares of EastGroup Properties by 5.2% during the 4th quarter. Russell Investments Group Ltd. now owns 347,083 shares of the real estate investment trust’s stock worth $63,763,000 after acquiring an additional 17,128 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

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.