Franklin Resources Inc. Has $8.73 Million Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Franklin Resources Inc. boosted its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 337.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,097 shares of the real estate investment trust's stock after buying an additional 37,863 shares during the quarter. Franklin Resources Inc. owned approximately 0.10% of EastGroup Properties worth $8,728,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. State Street Corp raised its position in shares of EastGroup Properties by 2.1% during the 3rd quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust's stock valued at $456,872,000 after acquiring an additional 49,268 shares in the last quarter. FMR LLC increased its stake in EastGroup Properties by 67.9% during the third 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 during the last quarter. Geode Capital Management LLC raised its holdings in shares of EastGroup Properties by 1.2% during the third quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust's stock worth $168,032,000 after purchasing an additional 10,435 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of EastGroup Properties by 7.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust's stock worth $123,848,000 after buying an additional 53,083 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of EastGroup Properties by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust's stock valued at $119,527,000 after buying an additional 22,328 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.

Analyst Ratings Changes

EGP has been the topic of a number of recent research reports. Raymond James raised shares of EastGroup Properties from an "outperform" rating to a "strong-buy" rating and raised their target price for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th. Evercore ISI raised their price target on EastGroup Properties from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, October 7th. Barclays lowered their price objective on EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating for the company in a research note on Thursday, October 10th. Truist Financial cut their target price on EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a research note on Wednesday, November 13th. Finally, Mizuho upgraded shares of EastGroup Properties from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $175.00 to $200.00 in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, EastGroup Properties currently has a consensus rating of "Moderate Buy" and an average price target of $191.80.

EastGroup Properties Price Performance

Shares of EGP traded up $2.70 during midday trading on Friday, reaching $161.44. The stock had a trading volume of 1,002,694 shares, compared to its average volume of 305,348. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.08 and a quick ratio of 0.08. The company has a market capitalization of $7.99 billion, a P/E ratio of 33.36, a P/E/G ratio of 2.22 and a beta of 0.99. The firm's 50 day moving average price is $173.06 and its 200-day moving average price is $177.80. EastGroup Properties, Inc. has a 52 week low of $155.23 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 EPS for the quarter, missing the consensus estimate of $2.10 by ($0.97). The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $161.52 million. EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. EastGroup Properties's revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.95 earnings per share. On average, analysts forecast that EastGroup Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $1.40 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $5.60 annualized dividend and a yield of 3.47%. EastGroup Properties's dividend payout ratio (DPR) is 115.70%.

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.