EastGroup Properties (NYSE:EGP) Rating Lowered to Sell at StockNews.com

StockNews.com downgraded shares of EastGroup Properties (NYSE:EGP) from a hold rating to a sell rating in a research note issued to investors on Monday.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft began coverage on EastGroup Properties in a research note on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price objective on the stock. Raymond James upgraded EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $185.00 to $200.00 in a research note on Wednesday, December 11th. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and upped their target price for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. Evercore ISI reiterated an “in-line” rating and issued a $185.00 price target (up previously from $181.00) on shares of EastGroup Properties in a research note on Monday, March 17th. Finally, Morgan Stanley lowered their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a report on Monday, December 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $190.47.

EastGroup Properties Stock Performance

NYSE EGP opened at $175.77 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $9.14 billion, a P/E ratio of 37.80, a P/E/G ratio of 3.35 and a beta of 0.99. The stock has a 50-day moving average of $177.49 and a two-hundred day moving average of $174.32. EastGroup Properties has a 1-year low of $155.10 and a 1-year high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates 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, analysts anticipate that EastGroup Properties will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

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 issued a $1.40 dividend. The ex-dividend date is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.19%. EastGroup Properties’s payout ratio is 120.43%.

Hedge Funds Weigh In On EastGroup Properties

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Crowley Wealth Management Inc. purchased a new stake in EastGroup Properties during the 4th quarter valued at approximately $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties in the fourth quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. raised its stake 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 last quarter. Principal Securities Inc. lifted its holdings in shares of EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after purchasing an additional 84 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in shares of 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 purchasing an additional 95 shares during the period. 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.