EastGroup Properties, Inc. (NYSE:EGP) Sees Large Growth in Short Interest

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

Analyst Ratings Changes

EGP has been the subject of several recent research reports. Evercore ISI reiterated an "in-line" rating and set a $185.00 price objective (up from $181.00) on shares of EastGroup Properties in a report on Monday. Jefferies Financial Group upgraded shares of 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. StockNews.com raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Monday, February 10th. Robert W. Baird lifted their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Finally, Raymond James upgraded shares of EastGroup Properties from an "outperform" rating to a "strong-buy" rating and upped their price target for the company from $185.00 to $200.00 in a report on Wednesday, December 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $190.47.

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EastGroup Properties Stock Up 0.3 %

Shares of NYSE:EGP traded up $0.56 during midday trading on Wednesday, reaching $180.18. 9,309 shares of the company were exchanged, compared to its average volume of 322,522. The firm has a market cap of $9.37 billion, a PE ratio of 38.75, a P/E/G 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. The stock has a fifty day simple moving average of $174.32 and a two-hundred day simple moving average of $174.97.

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

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.11%. EastGroup Properties's dividend payout ratio is currently 120.43%.

Institutional Investors Weigh In On EastGroup Properties

Large investors have recently added to or reduced their stakes in the business. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties in the fourth quarter valued at $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties during the 4th quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock worth $58,000 after purchasing an additional 302 shares during the period. Principal Securities Inc. raised its position in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock valued at $86,000 after buying an additional 84 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in EastGroup Properties by 18.7% during the fourth quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock worth $97,000 after buying an additional 95 shares in the last quarter. Institutional investors own 92.14% of the company's stock.

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.