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

Shares of EastGroup Properties, Inc. (NYSE:EGP) reached a new 52-week high on Tuesday after Royal Bank Of Canada raised their price target on the stock from $183.00 to $195.00. Royal Bank Of Canada currently has a sector perform 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 equities research analysts have also recently weighed in on the stock. BNP Paribas Exane upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 price objective on the stock in a research note on Monday, October 27th. Wells Fargo & Company boosted their price target on shares of EastGroup Properties from $187.00 to $196.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Weiss Ratings reiterated a “buy (b-)” rating on shares of EastGroup Properties in a report on Monday, December 29th. Evercore set a $188.00 price objective on shares of EastGroup Properties in a research note on Friday, February 6th. Finally, Mizuho restated a “neutral” rating and issued a $172.00 target price (down from $180.00) on shares of EastGroup Properties in a research report on Thursday, December 4th. 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 company’s stock. According to data from MarketBeat.com, EastGroup Properties presently has a consensus rating of “Moderate Buy” and an average price target of $200.18.

Institutional Trading of EastGroup Properties

A number of large investors have recently added to or reduced their stakes in EGP. Norges Bank acquired a new stake in shares of EastGroup Properties during the 4th quarter valued at $281,054,000. Principal Financial Group Inc. raised 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 purchasing an additional 602,253 shares during the period. Invesco Ltd. raised its position in shares of EastGroup Properties by 89.5% during the second quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock worth $155,015,000 after purchasing an additional 438,117 shares during the period. Alyeska Investment Group L.P. lifted its holdings in shares of EastGroup Properties by 98.4% during the fourth quarter. Alyeska Investment Group L.P. now owns 566,295 shares of the real estate investment trust’s stock valued at $100,880,000 after purchasing an additional 280,819 shares during the last quarter. Finally, Centersquare Investment Management LLC boosted its position in shares of EastGroup Properties by 619.9% in the 3rd quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock valued at $50,324,000 after purchasing an additional 256,019 shares during the period. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01. The stock has a market cap of $10.21 billion, a PE ratio of 39.33, a PEG ratio of 2.81 and a beta of 1.11. The stock has a 50 day moving average of $183.69 and a two-hundred day moving average of $176.03.

EastGroup Properties Dividend Announcement

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

EastGroup Properties Company Profile

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.