Mitsubishi UFJ Trust & Banking Corp cut its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 6.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,911 shares of the real estate investment trust's stock after selling 5,814 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.16% of EastGroup Properties worth $12,508,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties during the 4th quarter worth about $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties during the 4th quarter worth about $30,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock valued at $58,000 after purchasing an additional 302 shares during the period. Principal Securities Inc. lifted its stake in EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock valued at $86,000 after purchasing an additional 84 shares during 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 purchasing an additional 95 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.
EastGroup Properties Stock Performance
EGP stock traded down $6.49 during mid-day trading on Thursday, hitting $169.16. The company had a trading volume of 200,265 shares, compared to its average volume of 346,553. EastGroup Properties, Inc. has a 12 month low of $155.10 and a 12 month high of $192.61. The stock's fifty day moving average price is $177.49 and its two-hundred day moving average price is $174.32. The firm has a market cap of $8.80 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.
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, 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, analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.
EastGroup Properties Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a yield of 3.31%. EastGroup Properties's dividend payout ratio is currently 120.43%.
Wall Street Analyst Weigh In
Several brokerages have issued reports on EGP. Morgan Stanley cut their price target 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. Raymond James upgraded shares of EastGroup Properties from an "outperform" rating to a "strong-buy" rating and boosted their price objective for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. Robert W. Baird raised their target price on EastGroup Properties from $192.00 to $194.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Truist Financial boosted their target price on EastGroup Properties from $168.00 to $180.00 and gave the stock a "hold" rating in a research note on Friday, February 14th. Finally, StockNews.com cut shares of EastGroup Properties from a "hold" rating to a "sell" rating in a research report on Monday. 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 company. According to MarketBeat.com, EastGroup Properties currently has an average rating of "Moderate Buy" and a consensus price target of $190.47.
Read Our Latest Analysis on EastGroup Properties
EastGroup Properties Company Profile
(
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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