EastGroup Properties (NYSE:EGP) Sets New 52-Week High at $192.10

EastGroup Properties, Inc. (NYSE:EGP)’s stock price hit 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. The stock had previously closed at $189.95.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Mizuho reduced their price objective on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Piper Sandler lowered their target price on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research note on Monday, April 29th. BMO Capital Markets began coverage on shares of EastGroup Properties in a research report on Monday, April 22nd. They set an “outperform” rating and a $190.00 target price for the company. Finally, Royal Bank of Canada lowered their price target on EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating on the stock in a research report on Monday, May 6th. Ten research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, EastGroup Properties has an average rating of “Hold” and a consensus target price of $182.75.

EastGroup Properties Stock Down 2.1 %

The firm’s 50-day simple moving average is $170.31 and its two-hundred day simple moving average is $173.37. The stock has a market cap of $8.95 billion, a price-to-earnings ratio of 40.75, a PEG ratio of 2.98 and a beta of 0.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10.

EastGroup Properties Announces Dividend

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

Institutional Investors Weigh In On EastGroup Properties

A number of institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC bought a new stake in EastGroup Properties during the 4th quarter worth about $31,000. Gradient Investments LLC bought a new stake in shares of EastGroup Properties during the second quarter worth approximately $32,000. Venturi Wealth Management LLC lifted its holdings in EastGroup Properties by 51.6% in the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 66 shares during the period. ZRC Wealth Management LLC bought a new position in EastGroup Properties in the fourth quarter valued at approximately $37,000. Finally, Mather Group LLC. acquired a new stake in EastGroup Properties during the 1st quarter worth $42,000. Institutional investors own 92.14% of the company’s stock.

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.