New Age Alpha Advisors LLC purchased a new position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 6,267 shares of the real estate investment trust's stock, valued at approximately $1,006,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Crowley Wealth Management Inc. acquired a new stake in EastGroup Properties in the fourth quarter worth approximately $29,000. Canton Hathaway LLC acquired a new stake in shares of EastGroup Properties in the fourth quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings 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 valued at $58,000 after buying an additional 302 shares during the period. Principal Securities Inc. boosted its stake in EastGroup Properties by 18.5% during the fourth 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 in the last quarter. Finally, Versant Capital Management Inc grew its holdings in EastGroup Properties by 18.7% during the fourth quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock worth $97,000 after acquiring an additional 95 shares during the period. 92.14% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on EGP. Raymond James upgraded shares of EastGroup Properties from an "outperform" rating to a "strong-buy" rating and raised their price objective for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. Morgan Stanley decreased 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. Jefferies Financial Group raised 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 report on Thursday, January 2nd. KeyCorp reissued a "sector weight" rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Finally, StockNews.com lowered EastGroup Properties from a "hold" rating to a "sell" rating in a research report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $190.47.
Check Out Our Latest Report on EGP
EastGroup Properties Stock Down 3.1 %
Shares of EastGroup Properties stock traded down $5.21 on Friday, hitting $160.59. 831,618 shares of the company traded hands, compared to its average volume of 351,593. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a 12-month low of $155.10 and a 12-month high of $192.61. The company has a 50-day moving average price of $177.24 and a 200 day moving average price of $173.94. The company has a market cap of $8.35 billion, a PE ratio of 34.54, a PEG ratio of 3.35 and a beta of 0.94.
EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. Sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.
EastGroup Properties Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.49%. The ex-dividend date of this dividend is Monday, March 31st. EastGroup Properties's payout ratio is 120.43%.
About EastGroup Properties
(
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.
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