EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) saw a significant decrease in short interest in January. As of January 15th, there was short interest totalling 1,370,000 shares, a decrease of 22.6% from the December 31st total of 1,770,000 shares. Based on an average daily volume of 333,600 shares, the days-to-cover ratio is presently 4.1 days.
Institutional Investors Weigh In On EastGroup Properties
A number of hedge funds and other institutional investors have recently made changes to their positions in EGP. Cerity Partners LLC grew its stake in shares of EastGroup Properties by 35.6% in the 3rd quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust's stock valued at $2,545,000 after buying an additional 3,574 shares in the last quarter. Ausbil Investment Management Ltd increased its stake in shares of EastGroup Properties by 261.6% during the 3rd quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust's stock worth $1,259,000 after purchasing an additional 4,874 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of EastGroup Properties by 337.0% during the 3rd quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust's stock valued at $8,728,000 after purchasing an additional 37,863 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of EastGroup Properties by 20.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust's stock valued at $261,000 after purchasing an additional 275 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in EastGroup Properties by 6.1% in the fourth quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust's stock worth $11,667,000 after purchasing an additional 4,176 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
EGP has been the topic of a number of recent analyst reports. Raymond James upgraded shares of EastGroup Properties from an "outperform" rating to a "strong-buy" rating and boosted their price target for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th. Truist Financial dropped their target price on EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a report on Wednesday, November 13th. StockNews.com lowered EastGroup Properties from a "hold" rating to a "sell" rating in a research note on Monday, October 28th. Jefferies Financial Group raised EastGroup Properties from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. Finally, Barclays lowered their target price on EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating on the stock in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, EastGroup Properties presently has a consensus rating of "Moderate Buy" and a consensus price target of $190.88.
View Our Latest Research Report on EastGroup Properties
EastGroup Properties Stock Down 0.6 %
EGP stock traded down $0.95 during midday trading on Monday, reaching $168.67. The company had a trading volume of 203,265 shares, compared to its average volume of 372,410. The company has a 50 day moving average of $165.70 and a two-hundred day moving average of $176.15. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties has a 1 year low of $155.10 and a 1 year high of $192.61. The company has a market capitalization of $8.35 billion, a P/E ratio of 34.88, a PEG ratio of 3.16 and a beta of 1.00.
EastGroup Properties Announces Dividend
The company also recently disclosed 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. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.32%. EastGroup Properties's payout ratio is 115.70%.
About EastGroup Properties
(
Get Free Report)
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.
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