EastGroup Properties (NYSE:EGP) Sets New 1-Year Low After Analyst Downgrade

EastGroup Properties, Inc. (NYSE:EGP)’s stock price hit a new 52-week low on Wednesday after Barclays lowered their price target on the stock from $193.00 to $182.00. Barclays currently has an equal weight rating on the stock. EastGroup Properties traded as low as $159.18 and last traded at $163.34, with a volume of 450949 shares. The stock had previously closed at $163.11.

Other equities research analysts have also issued reports about the company. Truist Financial upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 target price for the company in a report on Thursday, April 10th. Piper Sandler lowered their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Robert W. Baird lifted their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and upped their price target for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research note on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.94.

Institutional Investors Weigh In On EastGroup Properties

Institutional investors have recently added to or reduced their stakes in the stock. Securian Asset Management Inc. lifted its position in shares of EastGroup Properties by 5.7% during the 1st quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock worth $695,000 after buying an additional 212 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of EastGroup Properties by 6.6% during the first quarter. Louisiana State Employees Retirement System now owns 14,600 shares of the real estate investment trust’s stock valued at $2,572,000 after acquiring an additional 900 shares during the period. Mutual of America Capital Management LLC boosted its stake in shares of EastGroup Properties by 1.2% in the 1st quarter. Mutual of America Capital Management LLC now owns 38,073 shares of the real estate investment trust’s stock valued at $6,707,000 after purchasing an additional 433 shares in the last quarter. BankPlus Trust Department boosted its stake in shares of EastGroup Properties by 3.4% in the 1st quarter. BankPlus Trust Department now owns 12,060 shares of the real estate investment trust’s stock valued at $2,124,000 after purchasing an additional 400 shares in the last quarter. Finally, Xponance Inc. grew its holdings in shares of EastGroup Properties by 4.6% in the 1st quarter. Xponance Inc. now owns 5,879 shares of the real estate investment trust’s stock worth $1,036,000 after purchasing an additional 257 shares during the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Stock Up 0.5 %

The firm has a market cap of $8.62 billion, a price-to-earnings ratio of 35.31, a PEG ratio of 3.35 and a beta of 0.94. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The business’s 50-day moving average is $169.74 and its 200-day moving average is $170.30.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.01. The company had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The company’s revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the business posted $1.98 earnings per share. On average, equities analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.40 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.41%. EastGroup Properties’s payout ratio is 122.54%.

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.