Corebridge Financial Inc. Decreases Stake in EastGroup Properties, Inc. (NYSE:EGP)

Corebridge Financial Inc. lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 55,923 shares of the real estate investment trust's stock after selling 1,605 shares during the period. Corebridge Financial Inc. owned about 0.11% of EastGroup Properties worth $8,975,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. acquired a new stake in shares of EastGroup Properties during the 4th quarter valued at approximately $116,756,000. FMR LLC increased its stake in EastGroup Properties by 67.9% in the 3rd quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust's stock valued at $291,081,000 after purchasing an additional 629,827 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in EastGroup Properties by 210.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust's stock worth $113,584,000 after purchasing an additional 479,873 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in EastGroup Properties by 355.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust's stock worth $73,158,000 after purchasing an additional 305,555 shares in the last quarter. Finally, Boston Partners grew its holdings in EastGroup Properties by 34.1% in the fourth quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock valued at $169,533,000 after purchasing an additional 268,359 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on EGP. 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 note on Monday, March 17th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They issued a "buy" rating and a $180.00 price target on the stock. Truist Financial raised their price objective on shares of EastGroup Properties from $168.00 to $180.00 and gave the stock a "hold" rating in a research note on Friday, February 14th. Raymond James raised EastGroup Properties from an "outperform" rating to a "strong-buy" rating and upped their target price for the company from $185.00 to $200.00 in a research note on Wednesday, December 11th. Finally, Robert W. Baird raised their price target on EastGroup Properties from $192.00 to $194.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $190.47.

EastGroup Properties Trading Down 0.1 %

EGP traded down $0.09 during midday trading on Tuesday, hitting $176.06. The company's stock had a trading volume of 465,636 shares, compared to its average volume of 346,310. EastGroup Properties, Inc. has a 52-week low of $155.10 and a 52-week high of $192.61. The firm has a 50-day moving average price of $177.34 and a two-hundred day moving average price of $174.31. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. The firm has a market cap of $9.16 billion, a P/E ratio of 37.86, a PEG ratio of 3.35 and a beta of 0.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its 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%. On average, research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.18%. EastGroup Properties's payout ratio is 120.43%.

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.