EastGroup Properties (NYSE:EGP) Hits New 1-Year Low – Here’s What Happened

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

Analyst Ratings Changes

EGP has been the subject of a number of research analyst reports. KeyCorp restated a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Truist Financial increased their price objective on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a report on Friday, February 14th. StockNews.com lowered EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, March 31st. Morgan Stanley lowered their price objective on 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. Finally, Robert W. Baird boosted their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of “Hold” and an average price target of $189.00.

EastGroup Properties Price Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The business has a 50 day simple moving average of $175.88 and a two-hundred day simple moving average of $173.06. The firm has a market capitalization of $8.14 billion, a P/E ratio of 33.64, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. On average, sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Monday, March 31st. EastGroup Properties’s dividend payout ratio is presently 120.43%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp grew its position in EastGroup Properties by 2.1% during the 3rd quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust’s stock worth $456,872,000 after acquiring an additional 49,268 shares during the last quarter. Jane Street Group LLC boosted its position in EastGroup Properties by 1,861.5% during the 3rd quarter. Jane Street Group LLC now owns 28,207 shares of the real estate investment trust’s stock valued at $5,270,000 after buying an additional 26,769 shares during the period. EP Wealth Advisors LLC bought a new stake in EastGroup Properties in the 3rd quarter worth $209,000. MML Investors Services LLC increased its position in shares of EastGroup Properties by 9.8% in the third quarter. MML Investors Services LLC now owns 3,874 shares of the real estate investment trust’s stock valued at $724,000 after acquiring an additional 345 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of EastGroup Properties in the third quarter valued at about $611,000. 92.14% of the stock is owned by institutional investors.

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.