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

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

Several other equities research analysts have also recently weighed in on the stock. Royal Bank of Canada increased their price target on shares of EastGroup Properties from $180.00 to $190.00 and gave the company a sector perform rating in a research report on Friday, February 16th. BMO Capital Markets began coverage on shares of EastGroup Properties in a report on Monday, April 22nd. They set an outperform rating and a $190.00 target price for the company. Mizuho reiterated a neutral rating and issued a $185.00 price objective on shares of EastGroup Properties in a report on Tuesday, April 2nd. KeyCorp boosted 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. Finally, Barclays assumed coverage on shares of EastGroup Properties in a report on Wednesday, March 27th. They issued an equal weight rating and a $181.00 price target on the stock. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, EastGroup Properties has a consensus rating of Hold and a consensus price target of $189.00.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $155.92 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.28. EastGroup Properties has a one year low of $154.75 and a one year high of $188.85. The business’s 50 day simple moving average is $174.81 and its two-hundred day simple moving average is $175.09. 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.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Insiders Place Their Bets

In other news, CFO Brent Wood sold 2,500 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On EastGroup Properties

Several institutional investors and hedge funds have recently made changes to their positions in the company. Yousif Capital Management LLC increased its holdings in shares of EastGroup Properties by 0.6% in the 1st quarter. Yousif Capital Management LLC now owns 23,282 shares of the real estate investment trust’s stock worth $4,185,000 after purchasing an additional 146 shares in the last quarter. SYSTM Wealth Solutions LLC boosted its holdings in shares of EastGroup Properties by 24.2% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 65 shares during the last quarter. Tritonpoint Wealth LLC grew its stake in shares of EastGroup Properties by 6.9% in the first quarter. Tritonpoint Wealth LLC now owns 3,500 shares of the real estate investment trust’s stock worth $605,000 after acquiring an additional 225 shares during the period. New York State Teachers Retirement System raised its holdings in shares of EastGroup Properties by 1.0% during the first quarter. New York State Teachers Retirement System now owns 60,130 shares of the real estate investment trust’s stock valued at $10,810,000 after purchasing an additional 600 shares during the last quarter. Finally, Center for Financial Planning Inc. boosted its holdings in EastGroup Properties by 350.0% in the first quarter. Center for Financial Planning Inc. now owns 1,350 shares of the real estate investment trust’s stock worth $243,000 after purchasing an additional 1,050 shares during the last quarter. Institutional investors own 92.14% of the company’s stock.

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.