EastGroup Properties (NYSE:EGP) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of EastGroup Properties (NYSE:EGP) from a hold rating to a sell rating in a research report sent to investors on Sunday morning.

EGP has been the subject of a number of other research reports. Barclays upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 4th. KeyCorp raised EastGroup Properties from a “sector weight” rating to an “overweight” rating and set a $200.00 price target for the company in a research note on Thursday, December 4th. UBS Group set a $200.00 price target on shares of EastGroup Properties in a research report on Thursday, December 4th. Piper Sandler set a $220.00 price objective on shares of EastGroup Properties in a report on Friday, December 12th. Finally, Robert W. Baird set a $200.00 target price on shares of EastGroup Properties in a report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $196.41.

EastGroup Properties Price Performance

Shares of EGP stock opened at $192.35 on Friday. The firm’s 50 day moving average price is $182.43 and its two-hundred day moving average price 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 has a 52-week low of $137.67 and a 52-week high of $193.14. The stock has a market cap of $10.26 billion, a PE ratio of 39.50, a PEG ratio of 2.78 and a beta of 1.11.

EastGroup Properties Announces Dividend

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

Institutional Investors Weigh In On EastGroup Properties

Several large investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in EastGroup Properties during the fourth quarter worth approximately $281,054,000. Principal Financial Group Inc. grew its holdings in shares of EastGroup Properties by 43.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,985,543 shares of the real estate investment trust’s stock worth $336,076,000 after purchasing an additional 602,253 shares in the last quarter. Invesco Ltd. grew its holdings in shares of EastGroup Properties by 89.5% during the 2nd quarter. Invesco Ltd. now owns 927,566 shares of the real estate investment trust’s stock worth $155,015,000 after purchasing an additional 438,117 shares in the last quarter. Centersquare Investment Management LLC increased its position in shares of EastGroup Properties by 619.9% in the third quarter. Centersquare Investment Management LLC now owns 297,319 shares of the real estate investment trust’s stock worth $50,324,000 after purchasing an additional 256,019 shares during the period. Finally, Alyeska Investment Group L.P. raised its stake in EastGroup Properties by 296.6% in the third quarter. Alyeska Investment Group L.P. now owns 285,476 shares of the real estate investment trust’s stock valued at $48,320,000 after purchasing an additional 213,493 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

About EastGroup Properties

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.