EastGroup Properties, Inc. (NYSE:EGP) Short Interest Update

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) was the recipient of a large decrease in short interest in March. As of March 31st, there was short interest totalling 1,750,000 shares, a decrease of 16.3% from the March 15th total of 2,090,000 shares. Approximately 3.4% of the company's stock are sold short. Based on an average trading volume of 498,400 shares, the short-interest ratio is currently 3.5 days.

Institutional Investors Weigh In On EastGroup Properties

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties in the 4th quarter valued at approximately $29,000. Canton Hathaway LLC acquired a new position in EastGroup Properties during the fourth quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. increased its stake 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 valued at $58,000 after buying an additional 302 shares during the last quarter. Parallel Advisors LLC lifted its position in EastGroup Properties by 387.4% during the 1st quarter. Parallel Advisors LLC now owns 424 shares of the real estate investment trust's stock worth $75,000 after buying an additional 337 shares in the last quarter. Finally, Principal Securities Inc. boosted its stake in shares of EastGroup Properties by 18.5% during 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 during the last quarter. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Performance

Shares of EGP traded down $3.91 during trading hours on Monday, reaching $156.00. 38,996 shares of the company traded hands, compared to its average volume of 365,129. The stock's fifty day moving average is $172.99 and its 200 day moving average is $171.21. 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 stock has a market cap of $8.15 billion, a P/E ratio of 33.61, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. EastGroup Properties has a 1-year low of $137.67 and a 1-year high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating 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%. Equities research analysts anticipate that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties's dividend payout ratio is 120.43%.

Wall Street Analysts Forecast Growth

EGP has been the topic of a number of research reports. Piper Sandler dropped their target price on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Robert W. Baird lifted their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a research report on Tuesday, January 14th. They set a "buy" rating and a $180.00 price objective for the company. Jefferies Financial Group raised EastGroup Properties from a "hold" rating to a "buy" rating and raised their price target for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. Finally, Evercore ISI reissued an "in-line" rating and issued a $185.00 price target (up previously from $181.00) on shares of EastGroup Properties in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, EastGroup Properties has a consensus rating of "Moderate Buy" and a consensus price target of $188.24.

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.

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