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

EastGroup Properties, Inc. (NYSE:EGP) hit a new 52-week high during mid-day trading on Wednesday after KeyCorp raised their price target on the stock from $200.00 to $205.00. KeyCorp currently has an overweight rating on the stock. EastGroup Properties traded as high as $193.14 and last traded at $192.3510, with a volume of 277524 shares traded. The stock had previously closed at $190.49.

EGP has been the topic of a number of other reports. Wall Street Zen lowered EastGroup Properties from a “hold” rating to a “sell” rating in a report on Sunday. Piper Sandler increased their price target on shares of EastGroup Properties from $220.00 to $230.00 and gave the company an “overweight” rating in a research note on Monday. Wells Fargo & Company upped their price objective on EastGroup Properties from $187.00 to $196.00 and gave the company an “overweight” rating in a research note on Monday, November 10th. Morgan Stanley set a $205.00 price objective on shares of EastGroup Properties in a research report on Friday, January 16th. Finally, Royal Bank Of Canada set a $183.00 target price on shares of EastGroup Properties and gave the stock a “sector perform” rating in a report on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average target price of $196.41.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors have recently modified their holdings of EGP. True Wealth Design LLC increased its position in shares of EastGroup Properties by 159.7% during the third quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 99 shares during the last quarter. State of Wyoming bought a new position in EastGroup Properties during the second quarter worth about $27,000. MAI Capital Management grew its stake in EastGroup Properties by 83.7% in the 3rd quarter. MAI Capital Management now owns 180 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 82 shares in the last quarter. Steigerwald Gordon & Koch Inc. bought a new stake in shares of EastGroup Properties during the 3rd quarter valued at $34,000. Finally, Mather Group LLC. purchased a new stake in shares of EastGroup Properties in the third quarter worth about $35,000. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Stock Up 1.0%

The firm has a market capitalization of $10.26 billion, a PE ratio of 39.50, a PEG ratio of 2.78 and a beta of 1.11. The company’s 50 day simple moving average is $182.43 and its 200-day simple moving average is $174.97. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s payout ratio is 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.