EastGroup Properties (NYSE:EGP) Sets New 1-Year High Following Analyst Upgrade

EastGroup Properties, Inc. (NYSE:EGP) reached a new 52-week high during trading on Tuesday after Truist Financial raised their price target on the stock from $203.00 to $205.00. Truist Financial currently has a buy rating on the stock. EastGroup Properties traded as high as $193.32 and last traded at $193.4480, with a volume of 175197 shares. The stock had previously closed at $190.92.

A number of other analysts have also weighed in on EGP. Morgan Stanley set a $205.00 target price on EastGroup Properties in a report on Friday, January 16th. Piper Sandler boosted their price objective on EastGroup Properties from $220.00 to $230.00 and gave the company an “overweight” rating in a report on Monday, February 9th. iA Financial set a $200.00 price objective on EastGroup Properties in a research report on Monday, October 27th. Wall Street Zen lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Sunday, February 8th. Finally, KeyCorp upped their price objective on EastGroup Properties from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $199.47.

Hedge Funds Weigh In On EastGroup Properties

A number of large investors have recently added to or reduced their stakes in EGP. Nordea Investment Management AB increased its stake in EastGroup Properties by 13.4% during the 3rd 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. Principal Financial Group Inc. increased its position in shares of EastGroup Properties by 43.5% during the third quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock worth $336,076,000 after acquiring an additional 602,253 shares during the period. Ameritas Investment Partners Inc. grew its stake 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 purchasing an additional 3,480 shares in the last quarter. Tributary Capital Management LLC acquired a new stake in EastGroup Properties in the 3rd quarter valued at about $1,294,000. Finally, Amalgamated Bank raised its position in EastGroup Properties by 1.3% in the 2nd quarter. Amalgamated Bank now owns 23,972 shares of the real estate investment trust’s stock valued at $4,006,000 after purchasing an additional 299 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

The stock has a 50-day moving average price of $183.24 and a 200 day moving average price of $175.70. The firm has a market capitalization of $10.30 billion, a price-to-earnings ratio of 39.71, a P/E/G ratio of 2.79 and a beta of 1.11. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $1.55 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.2%. EastGroup Properties’s payout ratio is presently 127.31%.

About EastGroup Properties

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.