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

EastGroup Properties, Inc. (NYSE:EGP) saw a large growth in short interest in February. As of February 28th, there was short interest totalling 1,950,000 shares, a growth of 35.4% from the February 13th total of 1,440,000 shares. Based on an average trading volume of 404,000 shares, the short-interest ratio is presently 4.8 days. Currently, 3.8% of the company’s stock are sold short.

EastGroup Properties Price Performance

EGP traded down $1.66 during trading on Tuesday, hitting $179.90. 72,834 shares of the stock traded hands, compared to its average volume of 431,670. EastGroup Properties has a twelve month low of $155.10 and a twelve month high of $192.61. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 38.69, a PEG ratio of 3.35 and a beta of 0.99. 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 business has a 50 day moving average price of $173.91 and a 200 day moving average price of $175.01.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 forecast that EastGroup Properties will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.11%. EastGroup Properties’s dividend payout ratio (DPR) is presently 120.43%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. StockNews.com upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft began coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price objective for the company. KeyCorp restated a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Morgan Stanley reduced their price objective on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a report on Monday, December 30th. Finally, Jefferies Financial Group upgraded EastGroup Properties from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $190.47.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of EGP. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties during the fourth quarter worth $29,000. Canton Hathaway LLC bought a new stake in shares of EastGroup Properties in the fourth quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of EastGroup Properties by 503.3% in 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. grew its stake in shares of EastGroup Properties by 18.5% in 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 last quarter. Finally, Versant Capital Management Inc grew its stake in shares of EastGroup Properties by 18.7% in 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 last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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.