EastGroup Properties (NYSE:EGP) Sets New 52-Week High – Here’s What Happened

EastGroup Properties, Inc. (NYSE:EGP) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $193.96 and last traded at $192.10, with a volume of 17299 shares. The stock had previously closed at $192.92.

Analyst Upgrades and Downgrades

EGP has been the subject of several research analyst reports. Citigroup upped their price target on shares of EastGroup Properties from $210.00 to $220.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Barclays upgraded EastGroup Properties from an “equal weight” rating to an “overweight” rating in a report on Thursday, December 4th. UBS Group set a $200.00 target price on EastGroup Properties in a report on Thursday, December 4th. Royal Bank Of Canada boosted their price target on EastGroup Properties from $183.00 to $195.00 and gave the company a “sector perform” rating in a research report on Wednesday. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of EastGroup Properties in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $200.18.

EastGroup Properties Stock Down 0.5%

The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of 39.42, a price-to-earnings-growth ratio of 2.82 and a beta of 1.11. The firm has a 50-day moving average of $184.04 and a 200 day moving average of $176.52. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.47.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 127.31%.

Hedge Funds Weigh In On EastGroup Properties

A number of institutional investors have recently added to or reduced their stakes in EGP. Invesco Ltd. boosted its position in EastGroup Properties by 14.9% in the 4th quarter. Invesco Ltd. now owns 1,024,829 shares of the real estate investment trust’s stock valued at $182,563,000 after buying an additional 132,878 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of EastGroup Properties by 623.9% in the fourth quarter. Corient Private Wealth LLC now owns 174,997 shares of the real estate investment trust’s stock worth $31,174,000 after acquiring an additional 150,822 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in EastGroup Properties by 7.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 31,699 shares of the real estate investment trust’s stock valued at $5,647,000 after purchasing an additional 2,136 shares during the last quarter. First Citizens Bank & Trust Co. grew its stake in EastGroup Properties by 1.8% during the 4th quarter. First Citizens Bank & Trust Co. now owns 4,320 shares of the real estate investment trust’s stock valued at $770,000 after purchasing an additional 76 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its holdings in EastGroup Properties by 3.4% during the 4th quarter. State of Tennessee Department of Treasury now owns 135,200 shares of the real estate investment trust’s stock worth $24,558,000 after purchasing an additional 4,430 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Company Profile

EastGroup Properties, Inc (NYSE: EGP) is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company’s portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.