EastGroup Properties (NYSE:EGP) Sets New 1-Year Low – Should You Sell?

EastGroup Properties, Inc. (NYSE:EGP) shares reached a new 52-week low during trading on Monday . The company traded as low as $149.77 and last traded at $150.61, with a volume of 46034 shares traded. The stock had previously closed at $160.43.

Analysts Set New Price Targets

Several research firms have recently issued reports on EGP. Jefferies Financial Group upgraded EastGroup Properties from a “hold” rating to a “buy” rating and raised their price target for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. StockNews.com downgraded shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Monday, March 31st. Morgan Stanley reduced their price objective on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Monday, December 30th. Robert W. Baird upped their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Finally, Piper Sandler set a $175.00 price target on shares of EastGroup Properties and gave the stock a “neutral” rating in a research report on Sunday. One analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $189.00.

EastGroup Properties Trading Down 5.2 %

The stock has a market cap of $7.91 billion, a price-to-earnings ratio of 32.72, a P/E/G ratio of 3.35 and a beta of 0.94. The business has a 50-day simple moving average of $177.24 and a two-hundred day simple moving average of $173.83. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results 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 net margin of 35.57% and a return on equity of 7.89%. As a group, research analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.68%. EastGroup Properties’s payout ratio is 120.43%.

Institutional Trading of EastGroup Properties

A number of large investors have recently added to or reduced their stakes in EGP. CIBC Asset Management Inc raised its stake in EastGroup Properties by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust’s stock valued at $234,000 after buying an additional 72 shares during the period. Principal Securities Inc. raised its stake in EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after acquiring an additional 84 shares during the period. Versant Capital Management Inc lifted its holdings in EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after purchasing an additional 95 shares during the last quarter. waypoint wealth counsel boosted its position in EastGroup Properties by 1.9% during the fourth quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust’s stock worth $867,000 after purchasing an additional 100 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its holdings in shares of EastGroup Properties by 1.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust’s stock valued at $1,612,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

About EastGroup Properties

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.