EastGroup Properties (NYSE:EGP) Price Target Cut to $172.00 by Analysts at Piper Sandler

EastGroup Properties (NYSE:EGP) had its price objective trimmed by Piper Sandler from $175.00 to $172.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on EGP. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Truist Financial upgraded EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a report on Thursday, April 10th. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and raised their target price for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Morgan Stanley dropped their price target on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research report on Monday, December 30th. Finally, Evercore ISI reiterated an “in-line” rating and set a $185.00 price target (up from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $188.82.

EastGroup Properties Price Performance

NYSE:EGP opened at $156.51 on Tuesday. The stock’s fifty day moving average is $174.05 and its two-hundred day moving average is $171.79. EastGroup Properties has a 52 week low of $137.67 and a 52 week high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $8.14 billion, a P/E ratio of 33.66, a P/E/G ratio of 3.35 and a beta of 0.94.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. Equities analysts expect that EastGroup Properties will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $1.40 per share. The ex-dividend date was Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.58%. EastGroup Properties’s dividend payout ratio is presently 120.43%.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently made changes to their positions in the business. Crowley Wealth Management Inc. acquired a new position in EastGroup Properties during the 4th quarter worth about $29,000. Canton Hathaway LLC bought a new position in EastGroup Properties during the 4th quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in EastGroup Properties by 503.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock worth $58,000 after buying an additional 302 shares during the period. Parallel Advisors LLC grew its stake in EastGroup Properties by 387.4% in the first quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust’s stock valued at $75,000 after acquiring an additional 337 shares during the period. Finally, Principal Securities Inc. increased its holdings in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after acquiring an additional 84 shares in the last quarter. 92.14% of the stock is 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.