EastGroup Properties, Inc. (NYSE:EGP) Short Interest Up 35.4% in February

EastGroup Properties, Inc. (NYSE:EGP) saw a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 1,950,000 shares, an increase of 35.4% from the February 13th total of 1,440,000 shares. Approximately 3.8% of the company’s shares are short sold. Based on an average daily volume of 404,000 shares, the days-to-cover ratio is currently 4.8 days.

EastGroup Properties Stock Down 0.9 %

Shares of NYSE EGP traded down $1.66 during trading on Tuesday, hitting $179.90. 72,834 shares of the company traded hands, compared to its average volume of 431,670. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. EastGroup Properties has a fifty-two week low of $155.10 and a fifty-two week high of $192.61. The firm has a market capitalization of $9.36 billion, a price-to-earnings ratio of 38.69, a P/E/G ratio of 3.35 and a beta of 0.99. The business’s fifty day moving average is $173.91 and its 200 day moving average is $175.01.

EastGroup Properties (NYSE:EGP) last posted its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping 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%. Equities research analysts predict that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $1.40 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.11%. EastGroup Properties’s dividend payout ratio is presently 120.43%.

Institutional Investors Weigh In On EastGroup Properties

A number of institutional investors and hedge funds have recently made changes to their positions in EGP. Crowley Wealth Management Inc. acquired a new stake in shares of EastGroup Properties in the 4th quarter worth about $29,000. Canton Hathaway LLC purchased a new stake in EastGroup Properties in the 4th quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock valued at $58,000 after buying an additional 302 shares during the last quarter. Principal Securities Inc. increased its stake in EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after buying an additional 84 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in EastGroup Properties by 18.7% in the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust’s stock valued at $97,000 after buying an additional 95 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on EGP shares. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research note on Monday, February 10th. Jefferies Financial Group raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and upped their price target for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Evercore ISI reaffirmed an “in-line” rating and set a $185.00 price target (up previously from $181.00) on shares of EastGroup Properties in a research report on Monday. Finally, Morgan Stanley cut their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Monday, December 30th. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.47.

EastGroup Properties Company Profile

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.