Geode Capital Management LLC Boosts Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Geode Capital Management LLC boosted its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 899,219 shares of the real estate investment trust's stock after purchasing an additional 10,435 shares during the quarter. Geode Capital Management LLC owned about 1.82% of EastGroup Properties worth $168,032,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of EGP. Gradient Investments LLC purchased a new position in shares of EastGroup Properties during the second quarter valued at $32,000. V Square Quantitative Management LLC increased its position in EastGroup Properties by 47.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 189 shares of the real estate investment trust's stock valued at $35,000 after purchasing an additional 61 shares during the period. Quest Partners LLC lifted its position in shares of EastGroup Properties by 10,400.0% in the 2nd quarter. Quest Partners LLC now owns 210 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 208 shares during the period. Headlands Technologies LLC bought a new position in shares of EastGroup Properties during the second quarter valued at approximately $66,000. Finally, GAMMA Investing LLC increased its holdings in EastGroup Properties by 90.7% during the third quarter. GAMMA Investing LLC now owns 536 shares of the real estate investment trust's stock valued at $100,000 after buying an additional 255 shares during the period. 92.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EGP has been the subject of several recent research reports. Royal Bank of Canada reissued a "sector perform" rating and issued a $186.00 price target on shares of EastGroup Properties in a research report on Wednesday, October 30th. Truist Financial lowered their target price on shares of EastGroup Properties from $190.00 to $186.00 and set a "hold" rating for the company in a research note on Wednesday, November 13th. StockNews.com downgraded EastGroup Properties from a "hold" rating to a "sell" rating in a research report on Monday, October 28th. Evercore ISI raised their price objective on EastGroup Properties from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, October 7th. Finally, Mizuho upgraded EastGroup Properties from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $175.00 to $200.00 in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.80.

EastGroup Properties Stock Performance

Shares of NYSE EGP traded down $1.55 during trading on Monday, reaching $169.70. 299,536 shares of the company traded hands, compared to its average volume of 302,217. The stock has a market cap of $8.40 billion, a P/E ratio of 35.38, a PEG ratio of 2.22 and a beta of 0.99. The firm's fifty day simple moving average is $174.43 and its 200 day simple moving average is $177.88. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties, Inc. has a 12-month low of $155.23 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.10 by ($0.97). The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company's revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.95 earnings per share. As a group, research analysts anticipate 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 dividend of $1.40 per share. The ex-dividend date is Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.30%. EastGroup Properties's dividend payout ratio is currently 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.