Guggenheim Capital LLC Sells 7,626 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Guggenheim Capital LLC reduced its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 21.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 28,763 shares of the real estate investment trust's stock after selling 7,626 shares during the period. Guggenheim Capital LLC owned 0.06% of EastGroup Properties worth $4,616,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Cohen & Steers Inc. raised its position in shares of EastGroup Properties by 141.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock worth $458,347,000 after purchasing an additional 1,673,663 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of EastGroup Properties in the 4th quarter valued at about $116,756,000. Norges Bank purchased a new stake in EastGroup Properties during the fourth quarter worth approximately $100,579,000. Daiwa Securities Group Inc. increased its holdings in EastGroup Properties by 210.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust's stock valued at $113,584,000 after purchasing an additional 479,873 shares in the last quarter. Finally, Boston Partners raised its holdings in shares of EastGroup Properties by 34.1% during the 4th quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock valued at $169,533,000 after buying an additional 268,359 shares during the period. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. StockNews.com cut shares of EastGroup Properties from a "hold" rating to a "sell" rating in a report on Saturday. Truist Financial raised EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 price target on the stock in a report on Thursday, April 10th. Piper Sandler decreased their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Raymond James set a $190.00 price objective on EastGroup Properties and gave the stock a "strong-buy" rating in a research note on Monday, April 14th. Finally, Evercore ISI restated an "in-line" rating and set a $185.00 target price (up from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $188.24.

EastGroup Properties Price Performance

EastGroup Properties stock traded up $3.02 during trading hours on Tuesday, reaching $158.93. 389,803 shares of the stock were exchanged, compared to its average volume of 366,237. 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 company has a market cap of $8.31 billion, a P/E ratio of 34.18, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. The stock has a 50 day moving average of $172.53 and a two-hundred day moving average of $171.04. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its 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 return on equity of 7.89% and a net margin of 35.57%. Equities analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties's dividend payout ratio (DPR) 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.