EastGroup Properties, Inc. (NYSE:EGP) is a real estate investment trust that has been generating buzz in recent analyst reports. The company witnessed a new acquisition from Moran Wealth Management LLC during the fourth quarter of the year 2023, resulting in the gain of 9,005 shares valued at $1,333,000.
Mizuho raised its rating for EastGroup Properties’ shares from “neutral” to “buy” with an increased price target of $185.00 on March 20th. KeyCorp also upped its price target for EGP’s shares from $170.00 to $174.00 on April 28th. However, Truist Financial downgraded the company’s price target from $180.00 to $175.00 on May 15th.
Furthermore, Morgan Stanley raised its price objective for EGP’s shares from $150.00 to $158.00 and gave it an “equal weight” rating on February 22nd while StockNews.com initiated coverage and provided a “hold” rating for the company on May 18th.
Six equities research analysts have given EGP’s stock a “hold” rating while five others have given it a buy rating as per Bloomberg reports, thus giving it an average hold rating with a consensus price target of $170.20.
In addition to this development, EastGroup Properties also announced recently that shareholders will receive quarterly dividend payments starting July 14th with ex-dividend date falling on June 29th. Shareholders of record on June 30th can expect to be paid out dividends at a rate of $1.25 per share resulting in an annualized yield of around 2.94%. With regards to this announcement, it should be noted that EastGroup Properties has been paying out dividends at a ratio of over 129% which is higher than typical dividend payout ratios.
With these developments, it’s safe to say that EastGroup Properties is a stock worth keeping an eye on in the future given its growth potential.
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Institutional Investors and Hedge Funds Flock to EastGroup Properties for Growth and Stability
EastGroup Properties: Institutional Investors and Hedge Funds
The real estate investment trust, EastGroup Properties, Inc., has been making waves in the market. &Other hedge funds have also recently made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd., The Manufacturers Life Insurance Company, AE Wealth Management LLC, Retirement Systems of Alabama, and Versor Investments LP are among those that have reported a recent boost to their position. Currently, 89.48% of the stock is owned by institutional investors and hedge funds.
On Friday, the shares of EGP opened at $169.90. The business’s fifty-two-week low is $137.47 while its peak points to $180.25 over the same period. Moving averages for the last 50 days and 200 days stand at $165.37 and $161.42 respectively.
EastGroup Properties’ market cap is currently at $7.40 billion with a P/E ratio of 43.90 and a price-to-earnings-growth ratio set at 3.46; its beta sits at 0.93 with an equity-debt ratio standing at 0.88 along with quick and current ratios on 0.06.
In related news, Director Hayden C.Eaves III sold a total of 638 shares at an average sale price of $163 on Thursday, April 27th amounting to a net value of $104,255 following which he now directly possesses only about 7,540 shares worth approximately $1,232,111.
EastGroup’s propensity towards attracting big-ticket investors speaks volumes about its future prospects for growth and stability while also exhibiting stability itself amidst volatile periods such as turbulent market fluctuations or political instability.
As more institutional investors come to recognize EastGroup’s potential for growth through prudent investments coupled with strategic decision-making from leadership teams bolstered by sound fundamentals underpinned by financial metrics, it is easy to see why such trust is being placed in this entity. It is exciting to see what the future holds for EastGroup Properties and how it will continue to chart out its course in the market.
