KeyCorp Cuts EastGroup Properties (NYSE:EGP) Price Target to $178.00

EastGroup Properties (NYSE:EGP) had its price objective decreased by KeyCorp from $198.00 to $178.00 in a research note published on Tuesday, Benzinga reports. KeyCorp currently has an overweight rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the company. Mizuho reiterated a neutral rating and set 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. Barclays lowered their target price on EastGroup Properties from $181.00 to $175.00 and set an equal weight rating for the company in a report on Monday. JPMorgan Chase & Co. assumed coverage on EastGroup Properties in a report on Thursday, April 11th. They set a neutral rating and a $190.00 target price for the company. Finally, BMO Capital Markets started coverage on EastGroup Properties in a report on Monday, April 22nd. They set an outperform rating and a $190.00 target price for the company. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $185.13.

EastGroup Properties Trading Up 0.8 %

EastGroup Properties stock traded up $1.34 during mid-day trading on Tuesday, hitting $159.86. 343,589 shares of the company’s stock were exchanged, compared to its average volume of 290,042. The firm has a market capitalization of $7.70 billion, a P/E ratio of 34.68, a PEG ratio of 2.49 and a beta of 0.96. EastGroup Properties has a fifty-two week low of $154.75 and a fifty-two week high of $188.85. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The company’s 50 day simple moving average is $172.81 and its 200-day simple moving average is $174.72.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $1.27 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.08 annualized dividend and a yield of 3.18%. EastGroup Properties’s dividend payout ratio (DPR) is currently 110.20%.

Insider Activity at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the sale, the chief financial officer now directly owns 102,617 shares in the company, valued at approximately $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds have recently bought and sold shares of EGP. Exchange Traded Concepts LLC lifted its position in EastGroup Properties by 13.6% during the third quarter. Exchange Traded Concepts LLC now owns 1,589 shares of the real estate investment trust’s stock worth $265,000 after acquiring an additional 190 shares during the last quarter. Monument Capital Management acquired a new stake in shares of EastGroup Properties in the third quarter valued at approximately $379,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of EastGroup Properties by 6.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock valued at $2,958,000 after buying an additional 1,035 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in shares of EastGroup Properties in the third quarter valued at approximately $5,223,000. Finally, Advisor Partners II LLC raised its position in shares of EastGroup Properties by 54.7% in the third quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust’s stock valued at $494,000 after buying an additional 1,050 shares in 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.