BNP Paribas Begins Coverage on EastGroup Properties (NYSE:EGP)

BNP Paribas started coverage on shares of EastGroup Properties (NYSE:EGP) in a report published on Tuesday, MarketBeat.com reports. The firm issued a neutral rating and a $167.00 price target on the real estate investment trust’s stock.

Several other brokerages also recently weighed in on EGP. JPMorgan Chase & Co. cut their price target on shares of EastGroup Properties from $190.00 to $183.00 and set a neutral rating on the stock in a report on Thursday, May 2nd. Barclays dropped their price objective on shares of EastGroup Properties from $181.00 to $175.00 and set an equal weight rating on the stock in a research note on Monday, April 29th. Royal Bank of Canada dropped their price objective on shares of EastGroup Properties from $190.00 to $172.00 and set a sector perform rating on the stock in a research note on Monday, May 6th. Truist Financial raised their price objective on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a hold rating in a research note on Tuesday, February 20th. Finally, Piper Sandler dropped their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an overweight rating on the stock in a research note on Monday, April 29th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $182.41.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $167.24 on Tuesday. EastGroup Properties has a twelve month low of $154.75 and a twelve month high of $188.85. The company’s 50 day moving average is $165.20 and its 200 day moving average is $174.57. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The company has a market cap of $8.05 billion, a PE ratio of 36.28, a price-to-earnings-growth ratio of 2.57 and a beta of 0.98.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $1.27 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.08 dividend on an annualized basis and a yield of 3.04%. EastGroup Properties’s payout ratio is currently 110.20%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SYSTM Wealth Solutions LLC lifted its holdings in EastGroup Properties by 24.2% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 334 shares of the real estate investment trust’s stock valued at $60,000 after purchasing an additional 65 shares in the last quarter. Venturi Wealth Management LLC lifted its holdings in EastGroup Properties by 51.6% in the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 66 shares in the last quarter. Baker Avenue Asset Management LP lifted its holdings in EastGroup Properties by 18.2% in the 3rd quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock valued at $78,000 after purchasing an additional 72 shares in the last quarter. UniSuper Management Pty Ltd lifted its holdings in EastGroup Properties by 0.8% in the 3rd quarter. UniSuper Management Pty Ltd now owns 12,500 shares of the real estate investment trust’s stock valued at $2,082,000 after purchasing an additional 100 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in EastGroup Properties by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 19,264 shares of the real estate investment trust’s stock valued at $3,208,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other 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.