Short Interest in EastGroup Properties, Inc. (NYSE:EGP) Grows By 16.7%

EastGroup Properties, Inc. (NYSE:EGP) saw a large growth in short interest in October. As of October 31st, there was short interest totalling 1,540,000 shares, a growth of 16.7% from the October 15th total of 1,320,000 shares. Based on an average trading volume of 336,700 shares, the short-interest ratio is presently 4.6 days.

EastGroup Properties Stock Performance

NYSE:EGP opened at $171.97 on Friday. The stock has a 50 day simple moving average of $180.51 and a 200 day simple moving average of $176.38. The stock has a market cap of $8.51 billion, a P/E ratio of 35.53, a PEG ratio of 2.61 and a beta of 1.00. EastGroup Properties has a 1-year low of $155.23 and a 1-year high of $192.61. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. During the same period in the prior year, the business posted $1.95 EPS. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. Research analysts anticipate that EastGroup Properties will post 8.35 earnings per share for the current year.

EastGroup Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.27. EastGroup Properties’s dividend payout ratio is presently 115.70%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Evercore ISI boosted their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $175.00 to $200.00 in a report on Thursday, September 5th. Morgan Stanley increased their price target on shares of EastGroup Properties from $158.00 to $186.00 and gave the company an “equal weight” rating in a research note on Thursday, August 22nd. Truist Financial lowered their price objective on shares of EastGroup Properties from $190.00 to $186.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, KeyCorp raised their target price on shares of EastGroup Properties from $178.00 to $198.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $191.21.

Institutional Investors Weigh In On EastGroup Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in EGP. Gradient Investments LLC bought a new position in EastGroup Properties during the 2nd quarter worth $32,000. V Square Quantitative Management LLC raised its stake in EastGroup Properties by 47.7% in the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 61 shares in the last quarter. Quest Partners LLC lifted its position in EastGroup Properties by 10,400.0% during the second quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 208 shares during the period. EverSource Wealth Advisors LLC lifted its position in EastGroup Properties by 30.2% during the first quarter. EverSource Wealth Advisors LLC now owns 345 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 80 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in EastGroup Properties during the second quarter worth about $66,000. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.