EastGroup Properties (NYSE:EGP) Given New $205.00 Price Target at KeyCorp

EastGroup Properties (NYSE:EGP) had its target price raised by KeyCorp from $200.00 to $205.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

EGP has been the topic of a number of other research reports. iA Financial set a $200.00 target price on EastGroup Properties in a report on Monday, October 27th. Wall Street Zen downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Sunday. Cantor Fitzgerald boosted their target price on shares of EastGroup Properties from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday. Weiss Ratings restated a “buy (b-)” rating on shares of EastGroup Properties in a research report on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 price objective for the company. in a research report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $196.41.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $192.35 on Tuesday. EastGroup Properties has a 52 week low of $137.67 and a 52 week high of $193.14. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47. The stock has a market cap of $10.26 billion, a P/E ratio of 39.50, a price-to-earnings-growth ratio of 2.78 and a beta of 1.11. The stock has a 50 day moving average of $182.43 and a 200-day moving average of $174.97.

EastGroup Properties Dividend Announcement

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

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently made changes to their positions in EGP. Canton Hathaway LLC increased its position in EastGroup Properties by 31.6% in the 3rd quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust’s stock valued at $42,000 after acquiring an additional 60 shares during the period. Azzad Asset Management Inc. ADV increased its holdings in shares of EastGroup Properties by 2.6% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust’s stock valued at $432,000 after purchasing an additional 62 shares during the period. Cetera Investment Advisers increased its holdings in shares of EastGroup Properties by 1.9% during the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust’s stock valued at $613,000 after purchasing an additional 68 shares during the period. Larson Financial Group LLC raised its stake in shares of EastGroup Properties by 35.6% during the fourth quarter. Larson Financial Group LLC now owns 263 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 69 shares in the last quarter. Finally, Virtus Investment Advisers LLC lifted its holdings in EastGroup Properties by 7.5% in the second quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust’s stock worth $167,000 after purchasing an additional 70 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.