EastGroup Properties, Inc. (NYSE:EGP) Sees Significant Decline in Short Interest

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) was the target of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 1,370,000 shares, a decline of 22.6% from the December 15th total of 1,770,000 shares. Based on an average daily trading volume, of 333,600 shares, the short-interest ratio is presently 4.1 days.

Institutional Investors Weigh In On EastGroup Properties

A number of hedge funds have recently made changes to their positions in EGP. V Square Quantitative Management LLC raised its stake in shares of EastGroup Properties by 47.7% in the third quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust's stock valued at $35,000 after buying an additional 61 shares during the period. Quest Partners LLC raised its holdings in shares of EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 208 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in EastGroup Properties by 503.3% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock valued at $58,000 after purchasing an additional 302 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of EastGroup Properties by 90.7% during the 3rd quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust's stock worth $100,000 after acquiring an additional 255 shares during the last quarter. Finally, Quarry LP bought a new stake in EastGroup Properties during the third quarter worth about $102,000. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Stock Up 1.7 %

EGP stock traded up $2.82 during midday trading on Thursday, reaching $164.11. 528,930 shares of the company's stock traded hands, compared to its average volume of 377,833. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties has a 52 week low of $155.10 and a 52 week high of $192.61. The company has a market cap of $8.12 billion, a price-to-earnings ratio of 33.91, a P/E/G ratio of 1.88 and a beta of 1.00. The firm's fifty day moving average price is $166.94 and its 200-day moving average price is $176.94.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.10 by ($0.97). EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company had revenue of $162.88 million during the quarter, compared to analysts' expectations of $161.52 million. During the same period in the previous year, the company posted $1.95 earnings per share. The company's quarterly revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that EastGroup Properties will post 8.34 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date was Tuesday, December 31st. EastGroup Properties's payout ratio is 115.70%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Jefferies Financial Group upgraded EastGroup Properties from a "hold" rating to a "buy" rating and upped their target price for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of EastGroup Properties in a research report on Tuesday. They issued a "buy" rating and a $180.00 target price on the stock. Royal Bank of Canada restated a "sector perform" rating and set a $186.00 price target on shares of EastGroup Properties in a report on Wednesday, October 30th. KeyCorp restated a "sector weight" rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Finally, StockNews.com downgraded shares of EastGroup Properties from a "hold" rating to a "sell" rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $190.88.

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.