EastGroup Properties, Inc. (NYSE:EGP – Get Rating) was the target of a significant growth in short interest in July. As of July 31st, there was short interest totalling 1,020,000 shares, a growth of 18.6% from the July 15th total of 860,000 shares. Based on an average daily volume of 377,500 shares, the short-interest ratio is currently 2.7 days.
EastGroup Properties Stock Performance
Shares of NYSE:EGP traded up $2.07 on Monday, hitting $179.41. 138,138 shares of the company were exchanged, compared to its average volume of 302,385. EastGroup Properties has a 1-year low of $148.33 and a 1-year high of $229.84. The stock's 50 day moving average price is $161.06 and its 200 day moving average price is $178.56. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $7.82 billion, a P/E ratio of 34.90, a price-to-earnings-growth ratio of 3.27 and a beta of 0.87.
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EastGroup Properties Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $4.40 dividend on an annualized basis and a yield of 2.45%. EastGroup Properties's dividend payout ratio is presently 85.60%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of EastGroup Properties by 22.4% in the fourth quarter. BlackRock Inc. now owns 6,579,597 shares of the real estate investment trust's stock worth $1,499,159,000 after acquiring an additional 1,203,642 shares during the period. FMR LLC increased its position in shares of EastGroup Properties by 88.5% in the 2nd quarter. FMR LLC now owns 1,342,138 shares of the real estate investment trust's stock valued at $207,133,000 after purchasing an additional 630,210 shares during the last quarter. Zimmer Partners LP grew its position in shares of EastGroup Properties by 70.0% in the 2nd quarter. Zimmer Partners LP now owns 850,000 shares of the real estate investment trust's stock valued at $131,181,000 after buying an additional 350,000 shares during the last quarter. Millennium Management LLC grew its position in shares of EastGroup Properties by 253.5% in the 2nd quarter. Millennium Management LLC now owns 454,424 shares of the real estate investment trust's stock valued at $70,131,000 after buying an additional 325,858 shares during the last quarter. Finally, State Street Corp grew its position in shares of EastGroup Properties by 11.5% in the 1st quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust's stock valued at $492,949,000 after buying an additional 248,538 shares during the last quarter. 91.02% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on EGP shares. Evercore ISI set a $185.00 target price on shares of EastGroup Properties in a report on Monday, June 20th. Piper Sandler lowered their target price on shares of EastGroup Properties to $200.00 in a research note on Monday, July 4th. Jefferies Financial Group reduced their price target on shares of EastGroup Properties from $200.00 to $144.00 and set a "hold" rating on the stock in a report on Thursday, June 30th. Mizuho lowered their price target on shares of EastGroup Properties from $215.00 to $180.00 and set a "na" rating for the company in a report on Tuesday, May 17th. Finally, Truist Financial decreased their price objective on shares of EastGroup Properties from $200.00 to $175.00 and set a "hold" rating for the company in a research note on Tuesday, May 31st. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, EastGroup Properties has a consensus rating of "Hold" and an average price target of $192.70.
EastGroup Properties Company Profile
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EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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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