EastGroup Properties, Inc. (NYSE:EGP) Stock Position Raised by Davis Selected Advisers

Davis Selected Advisers lifted its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 12.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 44,440 shares of the real estate investment trust's stock after purchasing an additional 4,780 shares during the quarter. Davis Selected Advisers owned about 0.09% of EastGroup Properties worth $7,132,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Canton Hathaway LLC purchased a new stake in EastGroup Properties in the 4th quarter worth about $30,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of EastGroup Properties by 503.3% during 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 last quarter. Principal Securities Inc. raised its holdings 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 buying an additional 84 shares during the period. Versant Capital Management Inc lifted its stake in shares of EastGroup Properties by 18.7% during the 4th 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 last quarter. Finally, Quarry LP purchased a new position in EastGroup Properties during the 3rd quarter valued at $102,000. Institutional investors own 92.14% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Raymond James raised EastGroup Properties from an "outperform" rating to a "strong-buy" rating and increased their price target for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th. StockNews.com raised EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Monday, February 10th. Morgan Stanley decreased their price objective on shares of EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating for the company in a research report on Monday, December 30th. Truist Financial lifted their price target on EastGroup Properties from $168.00 to $180.00 and gave the stock a "hold" rating in a research report on Friday, February 14th. Finally, Jefferies Financial Group raised shares of EastGroup Properties from a "hold" rating to a "buy" rating and upped their price objective for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $191.65.

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EastGroup Properties Trading Down 0.8 %

Shares of EastGroup Properties stock traded down $1.54 during trading hours on Wednesday, reaching $181.09. 441,016 shares of the company's stock were exchanged, compared to its average volume of 324,698. EastGroup Properties, Inc. has a 52-week low of $155.10 and a 52-week high of $192.61. The company has a fifty day moving average of $172.31 and a 200-day moving average of $175.18. 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 capitalization of $9.42 billion, a price-to-earnings ratio of 38.95, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating 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%. Sell-side analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $1.40 per share. 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 3.09%. EastGroup Properties's payout ratio is currently 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.