Piper Sandler Lowers EastGroup Properties (NYSE:EGP) Price Target to $172.00

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

EGP has been the topic of a number of other reports. Truist Financial upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Thursday, April 10th. Evercore ISI reissued an “in-line” rating and issued a $185.00 price objective (up previously from $181.00) on shares of EastGroup Properties in a research note on Monday, March 17th. Jefferies Financial Group upgraded EastGroup Properties from a “hold” rating to a “buy” rating and raised their price objective for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. KeyCorp reissued a “sector weight” rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Finally, StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Friday, April 11th. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $188.82.

EastGroup Properties Price Performance

Shares of NYSE EGP opened at $156.51 on Tuesday. EastGroup Properties has a twelve month low of $137.67 and a twelve month high of $192.61. The business’s 50 day moving average price is $174.05 and its two-hundred day moving average price is $171.79. 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 cap of $8.14 billion, a PE ratio of 33.66, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94.

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

EastGroup Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is 120.43%.

Hedge Funds Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Crowley Wealth Management Inc. purchased a new stake in EastGroup Properties in the fourth quarter worth approximately $29,000. Canton Hathaway LLC bought a new stake in EastGroup Properties during the fourth quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in EastGroup Properties by 503.3% in 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 acquiring an additional 302 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of EastGroup Properties by 387.4% in the first quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust’s stock worth $75,000 after purchasing an additional 337 shares in the last quarter. Finally, Principal Securities Inc. increased 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 worth $86,000 after buying 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.