Short Interest in EastGroup Properties, Inc. (NYSE:EGP) Increases By 23.1%

EastGroup Properties, Inc. (NYSE:EGP) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 968,400 shares, a growth of 23.1% from the May 31st total of 786,500 shares. Based on an average daily volume of 278,300 shares, the days-to-cover ratio is currently 3.5 days.

Analyst Ratings Changes

EGP has been the topic of several recent analyst reports. Evercore ISI reduced their target price on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research report on Thursday, April 25th. Royal Bank of Canada cut 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 report on Monday, May 6th. Barclays decreased their target price on shares of EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research report on Monday, April 29th. BNP Paribas initiated coverage on shares of EastGroup Properties in a research report on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price target for the company. Finally, Mizuho decreased their price target on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties has an average rating of “Hold” and a consensus target price of $182.41.

EastGroup Properties Stock Up 1.5 %

Shares of EGP traded up $2.55 during midday trading on Tuesday, reaching $172.06. 449,365 shares of the company were exchanged, compared to its average volume of 285,927. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. EastGroup Properties has a 1-year low of $154.75 and a 1-year high of $188.85. The company has a market cap of $8.28 billion, a price-to-earnings ratio of 37.11, a P/E/G ratio of 2.65 and a beta of 0.98. The stock has a 50-day moving average price of $163.77 and a 200-day moving average price of $173.65.

EastGroup Properties Announces Dividend

The business also recently declared 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. This represents a $5.08 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Friday, June 28th. EastGroup Properties’s dividend payout ratio is presently 110.20%.

Institutional Trading of EastGroup Properties

Several large investors have recently bought and sold shares of EGP. Vanguard Group Inc. boosted its stake in shares of EastGroup Properties by 3.2% in the first quarter. Vanguard Group Inc. now owns 6,863,129 shares of the real estate investment trust’s stock valued at $1,233,785,000 after purchasing an additional 210,207 shares during the period. Deutsche Bank AG grew its stake in shares of EastGroup Properties by 3.9% during the third quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock valued at $173,598,000 after acquiring an additional 38,766 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of EastGroup Properties by 7.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 975,450 shares of the real estate investment trust’s stock worth $175,359,000 after acquiring an additional 71,614 shares during the last quarter. Boston Partners lifted its stake in shares of EastGroup Properties by 26.1% in the first quarter. Boston Partners now owns 953,736 shares of the real estate investment trust’s stock worth $171,399,000 after acquiring an additional 197,427 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in EastGroup Properties by 113.1% in the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after purchasing an additional 368,954 shares during the last quarter. Institutional investors and hedge funds 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.