EastGroup Properties (NYSE:EGP) Sets New 1-Year High at $192.10

EastGroup Properties, Inc. (NYSE:EGP)’s share price reached a new 52-week high on Wednesday . The company traded as high as $192.10 and last traded at $191.47, with a volume of 6093 shares trading hands. The stock had previously closed at $189.95.

Analysts Set New Price Targets

Several brokerages have weighed in on EGP. BNP Paribas initiated coverage on EastGroup Properties in a report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price objective for the company. Wedbush raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $162.00 to $208.00 in a report on Monday. Royal Bank of Canada lowered their target price on shares of EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating on the stock in a report on Monday, May 6th. Barclays reduced their price target on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a research report on Monday, April 29th. Finally, KeyCorp dropped their price objective on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $182.75.

EastGroup Properties Price Performance

The company has a market capitalization of $8.95 billion, a PE ratio of 40.75, a price-to-earnings-growth ratio of 2.98 and a beta of 0.98. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The firm’s 50-day moving average is $170.31 and its 200-day moving average is $173.37.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend was Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is currently 110.20%.

Hedge Funds Weigh In On EastGroup Properties

Several institutional investors have recently modified their holdings of EGP. GAMMA Investing LLC purchased a new stake in EastGroup Properties in the fourth quarter worth approximately $31,000. Gradient Investments LLC purchased a new stake in shares of EastGroup Properties in the 2nd quarter valued at $32,000. Venturi Wealth Management LLC grew its holdings in shares of EastGroup Properties by 51.6% during the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 66 shares during the last quarter. ZRC Wealth Management LLC bought a new position in shares of EastGroup Properties during the 4th quarter valued at $37,000. Finally, Mather Group LLC. purchased a new position in EastGroup Properties in the 1st quarter worth $42,000. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina.