EastGroup Properties, Inc. (NYSE:EGP) Short Interest Up 35.4% in February

EastGroup Properties, Inc. (NYSE:EGP - Get Free Report) was the recipient of a significant growth in short interest in February. As of February 28th, there was short interest totalling 1,950,000 shares, a growth of 35.4% from the February 13th total of 1,440,000 shares. Approximately 3.8% of the shares of the company are sold short. Based on an average trading volume of 404,000 shares, the days-to-cover ratio is presently 4.8 days.

Institutional Investors Weigh In On EastGroup Properties

Several hedge funds and other institutional investors have recently made changes to their positions in EGP. Crowley Wealth Management Inc. bought a new stake in shares of EastGroup Properties during the 4th quarter valued at approximately $29,000. Canton Hathaway LLC bought a new stake in shares of EastGroup Properties during the 4th quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of EastGroup Properties by 503.3% during 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 purchasing an additional 302 shares during the last quarter. Principal Securities Inc. grew its holdings 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 valued at $86,000 after purchasing an additional 84 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock valued at $97,000 after purchasing an additional 95 shares during the last quarter. 92.14% of the stock is owned by institutional investors.

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EastGroup Properties Price Performance

Shares of NYSE:EGP traded down $1.47 during midday trading on Tuesday, hitting $180.09. The stock had a trading volume of 133,031 shares, compared to its average volume of 322,979. The company's 50-day moving average price is $173.91 and its 200-day moving average price is $175.01. The company has a market capitalization of $9.37 billion, a P/E ratio of 38.73, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties has a fifty-two week low of $155.10 and a fifty-two week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, beating the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. As a group, equities research analysts predict that EastGroup Properties will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Monday, March 31st. EastGroup Properties's dividend payout ratio (DPR) is presently 120.43%.

Analyst Upgrades and Downgrades

EGP has been the topic of several analyst reports. Truist Financial upped their price target on shares of EastGroup Properties from $168.00 to $180.00 and gave the stock a "hold" rating in a research report on Friday, February 14th. Robert W. Baird increased their price objective 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. Evercore ISI reissued an "in-line" rating and issued a $185.00 price objective (up from $181.00) on shares of EastGroup Properties in a research report on Monday. Morgan Stanley dropped their price objective on shares of EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating on the stock in a research report on Monday, December 30th. Finally, Jefferies Financial Group raised shares of EastGroup Properties from a "hold" rating to a "buy" rating and increased their price objective for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $190.47.

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.