EastGroup Properties (NYSE:EGP) Receives New Coverage from Analysts at StockNews.com

StockNews.com began coverage on shares of EastGroup Properties (NYSE:EGP – Get Rating) in a research report sent to investors on Thursday. The firm issued a sell rating on the real estate investment trust’s stock.

Other analysts have also issued reports about the company. Morgan Stanley lifted their price objective on EastGroup Properties from $150.00 to $158.00 and gave the stock an equal weight rating in a research report on Wednesday, February 22nd. Wells Fargo & Company lifted their price objective on EastGroup Properties from $140.00 to $160.00 and gave the stock an equal weight rating in a research report on Tuesday, November 22nd. KeyCorp upgraded EastGroup Properties from a sector weight rating to an overweight rating and set a $170.00 price objective for the company in a research report on Wednesday, December 14th. Robert W. Baird lifted their price objective on EastGroup Properties from $170.00 to $180.00 and gave the stock an outperform rating in a research report on Thursday, February 9th. Finally, Piper Sandler reiterated an overweight rating and issued a $180.00 price objective on shares of EastGroup Properties in a research report on Wednesday, February 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $169.80.

EastGroup Properties Stock Down 2.0 %

Shares of EGP stock opened at $158.56 on Thursday. The stock has a 50-day moving average price of $164.53 and a 200 day moving average price of $156.77. The firm has a market cap of $6.91 billion, a price-to-earnings ratio of 36.12, a PEG ratio of 3.77 and a beta of 0.92. EastGroup Properties has a 12 month low of $137.47 and a 12 month high of $217.46.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Thursday, March 30th. EastGroup Properties’s dividend payout ratio (DPR) is presently 113.90%.

Institutional Investors Weigh In On EastGroup Properties

Institutional investors have recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. lifted its stake in EastGroup Properties by 0.6% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,672 shares of the real estate investment trust’s stock valued at $1,685,000 after acquiring an additional 69 shares in the last quarter. Renaissance Technologies LLC lifted its stake in EastGroup Properties by 111.9% in the 2nd quarter. Renaissance Technologies LLC now owns 181,600 shares of the real estate investment trust’s stock valued at $28,026,000 after acquiring an additional 95,900 shares in the last quarter. Redpoint Investment Management Pty Ltd lifted its stake in EastGroup Properties by 10.1% in the 3rd quarter. Redpoint Investment Management Pty Ltd now owns 3,344 shares of the real estate investment trust’s stock valued at $483,000 after acquiring an additional 308 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in EastGroup Properties by 13.0% in the 3rd quarter. Great West Life Assurance Co. Can now owns 66,118 shares of the real estate investment trust’s stock valued at $9,536,000 after acquiring an additional 7,630 shares in the last quarter. Finally, FMR LLC increased its position in shares of EastGroup Properties by 88.5% during the 2nd quarter. FMR LLC now owns 1,342,138 shares of the real estate investment trust’s stock worth $207,133,000 after purchasing an additional 630,210 shares during the last quarter. Institutional investors own 89.48% of the company’s stock.

EastGroup Properties Company Profile

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EastGroup Properties, Inc is an internally-managed equity real estate investment trust, which engages in the development, acquisition, and operation of industrial properties. The company was founded in 1969 and is headquartered in Ridgeland, MS.