EastGroup Properties (NYSE:EGP) Sees Large Volume Increase

EastGroup Properties, Inc. (NYSE:EGP) shares saw strong trading volume on Thursday . 3,883 shares traded hands during mid-day trading, a decline of 98% from the previous session’s volume of 168,201 shares.The stock last traded at $172.49 and had previously closed at $172.87.

Several analysts have issued reports on the stock. Royal Bank of Canada raised their price target on shares of EastGroup Properties from $163.00 to $177.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 3rd. Morgan Stanley raised their price objective on shares of EastGroup Properties from $153.00 to $160.00 and gave the stock an “equal weight” rating in a report on Thursday, July 15th. Robert W. Baird reaffirmed a “neutral” rating on shares of EastGroup Properties in a report on Monday, September 6th. Truist Securities raised their price objective on shares of EastGroup Properties from $152.00 to $163.00 and gave the stock a “hold” rating in a report on Monday, August 23rd. Finally, Truist raised their price objective on shares of EastGroup Properties from $152.00 to $163.00 and gave the stock a “hold” rating in a report on Monday, August 23rd. Eight analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $169.88.

The stock has a market cap of $6.87 billion, a price-to-earnings ratio of 57.87, a PEG ratio of 4.44 and a beta of 0.71. The stock’s fifty day moving average is $175.22 and its 200-day moving average is $163.04. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.96.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Tuesday, July 27th. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.45 by ($0.76). EastGroup Properties had a net margin of 30.48% and a return on equity of 8.95%. The firm had revenue of $99.58 million for the quarter, compared to analyst estimates of $98.61 million. During the same quarter in the prior year, the firm posted $1.33 EPS. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, equities research analysts predict that EastGroup Properties, Inc. will post 5.9 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, September 30th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date is Wednesday, September 29th. This is a positive change from EastGroup Properties’s previous quarterly dividend of $0.79. EastGroup Properties’s payout ratio is currently 58.74%.

In other news, EVP John F. Coleman sold 1,900 shares of the business’s stock in a transaction on Wednesday, September 15th. The shares were sold at an average price of $175.38, for a total value of $333,222.00. Following the sale, the executive vice president now owns 89,579 shares of the company’s stock, valued at $15,710,365.02. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of EGP. Strategic Blueprint LLC acquired a new position in shares of EastGroup Properties in the second quarter valued at $33,000. FFT Wealth Management LLC acquired a new position in shares of EastGroup Properties in the second quarter valued at $56,000. Arkadios Wealth Advisors increased its holdings in shares of EastGroup Properties by 164.7% in the second quarter. Arkadios Wealth Advisors now owns 360 shares of the real estate investment trust’s stock valued at $59,000 after purchasing an additional 224 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of EastGroup Properties in the second quarter valued at $61,000. Finally, Lazard Asset Management LLC increased its holdings in shares of EastGroup Properties by 60.6% in the first quarter. Lazard Asset Management LLC now owns 379 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 143 shares during the last quarter. 91.90% of the stock is currently owned by hedge funds and other institutional investors.

About EastGroup Properties (NYSE:EGP)

EastGroup Properties, Inc is an equity real estate investment trust, which engages in the development, acquisition and operation of industrial properties in the United States. It operates through Industrial Properties segment. Its portfolio consists of distribution facilities in Florida, California, Texas, Arizona, and North Carolina.

Featured Article: What are high-yield dividend stocks?

Receive News & Ratings for EastGroup Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for EastGroup Properties and related companies with MarketBeat.com's FREE daily email newsletter.