Evercore ISI Lowers EastGroup Properties (NYSE:EGP) Price Target to $178.00

EastGroup Properties (NYSE:EGP) had its target price reduced by Evercore ISI from $190.00 to $178.00 in a research note released on Thursday, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the company. KeyCorp raised their target price on EastGroup Properties from $188.00 to $198.00 and gave the company an overweight rating in a research note on Monday, February 12th. Mizuho reaffirmed a neutral rating and issued a $185.00 target price on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Truist Financial increased their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a hold rating in a research note on Tuesday, February 20th. BMO Capital Markets assumed coverage on EastGroup Properties in a report on Monday, April 22nd. They set an outperform rating and a $190.00 price objective on the stock. Finally, JPMorgan Chase & Co. started coverage on EastGroup Properties in a research note on Thursday, April 11th. They issued a neutral rating and a $190.00 target price for the company. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $189.00.

EastGroup Properties Stock Performance

NYSE:EGP opened at $155.92 on Thursday. The stock has a market capitalization of $7.51 billion, a P/E ratio of 33.82, a price-to-earnings-growth ratio of 2.47 and a beta of 0.93. The company has a current ratio of 0.10, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63. EastGroup Properties has a 1 year low of $154.75 and a 1 year high of $188.85. The firm has a 50 day moving average of $174.81 and a 200-day moving average of $175.09.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio is currently 110.20%.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was 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 of the company’s stock, valued at $18,752,230.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Institutional Trading of EastGroup Properties

Large investors have recently bought and sold shares of the business. Pacer Advisors Inc. lifted its stake in shares of EastGroup Properties by 15.0% in the 4th quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock valued at $11,293,000 after acquiring an additional 8,002 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of EastGroup Properties by 2.2% in the fourth 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 boosted its holdings in EastGroup Properties by 3.5% in the third quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock valued at $45,370,000 after acquiring an additional 9,160 shares during the last quarter. Invesco Ltd. increased its position in EastGroup Properties by 12.7% during the 3rd quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after purchasing an additional 81,636 shares during the period. Finally, Vanguard Group Inc. raised its holdings in EastGroup Properties by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,532,176 shares of the real estate investment trust’s stock worth $1,087,803,000 after purchasing an additional 81,798 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

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.