Franklin Resources Inc. Lowers Position in EastGroup Properties, Inc. (NYSE:EGP)

Franklin Resources Inc. trimmed its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 30.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,008 shares of the real estate investment trust's stock after selling 15,089 shares during the quarter. Franklin Resources Inc. owned about 0.07% of EastGroup Properties worth $5,458,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of EGP. CIBC Asset Management Inc grew its stake in shares of EastGroup Properties by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust's stock worth $234,000 after purchasing an additional 72 shares during the period. Principal Securities Inc. grew its position in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock valued at $86,000 after buying an additional 84 shares during the period. Versant Capital Management Inc increased its holdings in EastGroup Properties by 18.7% in the fourth quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock valued at $97,000 after buying an additional 95 shares in the last quarter. waypoint wealth counsel raised its position in shares of EastGroup Properties by 1.9% in the fourth quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust's stock worth $867,000 after acquiring an additional 100 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of EastGroup Properties by 1.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust's stock worth $1,612,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

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Analyst Upgrades and Downgrades

EGP has been the subject of several recent analyst reports. Piper Sandler cut their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research note on Tuesday. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research note on Tuesday, January 14th. They set a "buy" rating and a $180.00 target price for the company. Robert W. Baird lifted their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Evercore ISI restated an "in-line" rating and set a $185.00 price objective (up from $181.00) on shares of EastGroup Properties in a research report on Monday, March 17th. Finally, KeyCorp reiterated a "sector weight" rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, EastGroup Properties has a consensus rating of "Moderate Buy" and a consensus target price of $188.82.

EastGroup Properties Trading Up 0.5 %

EastGroup Properties stock traded up $0.72 during trading on Wednesday, reaching $157.46. 45,128 shares of the company were exchanged, compared to its average volume of 365,128. The stock's 50 day simple moving average is $174.05 and its two-hundred day simple moving average is $171.79. The company has a market capitalization of $8.19 billion, a P/E ratio of 33.69, a PEG ratio of 3.35 and a beta of 0.94. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. On average, equities research analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $1.40 dividend. The ex-dividend date was Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.56%. EastGroup Properties's dividend payout ratio (DPR) is 120.43%.

EastGroup Properties 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.