EastGroup Properties (NYSE:EGP) Reaches New 12-Month High Following Analyst Upgrade

EastGroup Properties, Inc. (NYSE:EGP)’s stock price reached a new 52-week high during mid-day trading on Wednesday after Citigroup raised their price target on the stock from $210.00 to $220.00. Citigroup currently has a buy rating on the stock. EastGroup Properties traded as high as $193.14 and last traded at $192.3510, with a volume of 277524 shares changing hands. The stock had previously closed at $190.49.

A number of other equities analysts have also commented on the company. Cantor Fitzgerald boosted their price objective on EastGroup Properties from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, February 6th. Truist Financial boosted their price objective on EastGroup Properties from $177.00 to $188.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Morgan Stanley set a $205.00 price target on EastGroup Properties in a research note on Friday, January 16th. Deutsche Bank Aktiengesellschaft lowered shares of EastGroup Properties from a “buy” rating to a “hold” rating and set a $185.00 price objective on the stock. in a research note on Monday, January 5th. Finally, BNP Paribas Exane raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and set a $207.00 price target for the company in a report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $197.89.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors have recently added to or reduced their stakes in EGP. True Wealth Design LLC lifted its holdings in EastGroup Properties by 159.7% during the 3rd quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 99 shares during the period. State of Wyoming acquired a new stake in EastGroup Properties in the 2nd quarter valued at $27,000. MAI Capital Management increased its position in shares of EastGroup Properties by 83.7% during the third quarter. MAI Capital Management now owns 180 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 82 shares in the last quarter. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of EastGroup Properties in the third quarter worth approximately $34,000. Finally, Mather Group LLC. purchased a new stake in EastGroup Properties in the 3rd quarter valued at $35,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Trading Down 1.2%

The company has a debt-to-equity ratio of 0.47, a current ratio of 0.01 and a quick ratio of 0.01. The firm has a market capitalization of $10.13 billion, a PE ratio of 38.98, a PEG ratio of 2.80 and a beta of 1.11. The firm’s fifty day moving average is $182.64 and its two-hundred day moving average is $175.07.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is currently 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.