EastGroup Properties, Inc. (NYSE:EGP) Short Interest Update

Posted by Defense World Staff on Jul 20th, 2023

EastGroup Properties, Inc. (NYSE:EGP – Get Free Report) saw a significant increase in short interest in June. As of June 30th, there was short interest totalling 886,200 shares, an increase of 10.4% from the June 15th total of 803,000 shares. Based on an average trading volume of 279,000 shares, the short-interest ratio is currently 3.2 days.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on EGP shares. StockNews.com started coverage on shares of EastGroup Properties in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Citigroup boosted their price objective on shares of EastGroup Properties from $195.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 14th. KeyCorp lifted their target price on shares of EastGroup Properties from $174.00 to $188.00 in a report on Wednesday, July 12th. Finally, Truist Financial decreased their target price on shares of EastGroup Properties from $180.00 to $175.00 in a report on Monday, May 15th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and a consensus target price of $178.20.

Insider Transactions at EastGroup Properties

In other EastGroup Properties news, Director Hayden C. Eaves III sold 638 shares of the business’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $163.41, for a total value of $104,255.58. Following the transaction, the director now directly owns 7,540 shares in the company, valued at $1,232,111.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of EGP. Vanguard Group Inc. grew its position in shares of EastGroup Properties by 2.2% during the first quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock worth $1,254,651,000 after buying an additional 133,344 shares in the last quarter. State Street Corp raised its stake in shares of EastGroup Properties by 11.5% during the first quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock worth $492,949,000 after purchasing an additional 248,538 shares during the last quarter. Morgan Stanley raised its stake in shares of EastGroup Properties by 544.4% during the fourth quarter. Morgan Stanley now owns 2,044,292 shares of the real estate investment trust’s stock worth $302,678,000 after purchasing an additional 1,727,071 shares during the last quarter. JPMorgan Chase & Co. raised its position in EastGroup Properties by 1.2% in the first quarter. JPMorgan Chase & Co. now owns 1,276,420 shares of the real estate investment trust’s stock worth $211,018,000 after acquiring an additional 15,667 shares in the last quarter. Finally, Deutsche Bank AG raised its position in EastGroup Properties by 7.9% in the fourth quarter. Deutsche Bank AG now owns 1,215,692 shares of the real estate investment trust’s stock worth $179,995,000 after acquiring an additional 89,244 shares in the last quarter. Institutional investors and hedge funds own 91.56% of the company’s stock.

EastGroup Properties Stock Performance

EGP opened at $182.48 on Thursday. EastGroup Properties has a 12-month low of $137.47 and a 12-month high of $186.29. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $7.95 billion, a PE ratio of 47.00, a P/E/G ratio of 3.78 and a beta of 0.93. The firm has a 50 day moving average of $170.60 and a two-hundred day moving average of $165.91.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a dividend of $1.25 per share. The ex-dividend date was Thursday, June 29th. This represents a $5.00 annualized dividend and a yield of 2.74%. EastGroup Properties’s dividend payout ratio (DPR) is presently 129.20%.

EastGroup Properties Company Profile

(Get Free Report)

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.