EastGroup Properties (NYSE:EGP) Price Target Cut to $183.00

EastGroup Properties (NYSE:EGP) had its target price trimmed by JPMorgan Chase & Co. from $190.00 to $183.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued research reports about the stock. KeyCorp lowered their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an overweight rating for the company in a research report on Tuesday, April 30th. Barclays cut their price target on EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a report on Monday, April 29th. Robert W. Baird reduced their price objective on EastGroup Properties from $195.00 to $175.00 and set an outperform rating for the company in a research report on Wednesday, May 1st. Evercore ISI dropped their target price on EastGroup Properties from $190.00 to $178.00 and set an in-line rating on the stock in a research report on Thursday, April 25th. Finally, Royal Bank of Canada upped their price target on EastGroup Properties from $180.00 to $190.00 and gave the stock a sector perform rating in a research report on Friday, February 16th. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $185.13.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $159.86 on Thursday. The stock’s fifty day simple moving average is $172.39 and its 200 day simple moving average is $174.81. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $7.70 billion, a PE ratio of 34.68, a PEG ratio of 2.78 and a beta of 0.96. EastGroup Properties has a 12 month low of $154.75 and a 12 month high of $188.85.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $1.27 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.08 annualized dividend and a yield of 3.18%. EastGroup Properties’s dividend payout ratio is currently 110.20%.

Insider Transactions at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On EastGroup Properties

A number of hedge funds have recently bought and sold shares of EGP. GAMMA Investing LLC acquired a new position in shares of EastGroup Properties during the 4th quarter worth approximately $31,000. Venturi Wealth Management LLC increased its stake in EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 66 shares during the period. ZRC Wealth Management LLC acquired a new position in EastGroup Properties during the fourth quarter valued at approximately $37,000. Mather Group LLC. bought a new stake in shares of EastGroup Properties during the 1st quarter worth $42,000. Finally, Tucker Asset Management LLC acquired a new stake in shares of EastGroup Properties in the 3rd quarter valued at approximately $44,000. 92.14% of the stock is owned by institutional investors.

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.