Geode Capital Management LLC Buys 15,313 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Geode Capital Management LLC lifted its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 914,532 shares of the real estate investment trust's stock after purchasing an additional 15,313 shares during the quarter. Geode Capital Management LLC owned 1.85% of EastGroup Properties worth $146,816,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of EGP. Wellington Management Group LLP lifted its stake in EastGroup Properties by 44.2% in the fourth quarter. Wellington Management Group LLP now owns 253,796 shares of the real estate investment trust's stock worth $40,732,000 after purchasing an additional 77,800 shares during the last quarter. Prevail Innovative Wealth Advisors LLC purchased a new stake in EastGroup Properties during the 4th quarter valued at about $3,551,000. California Public Employees Retirement System grew its position in EastGroup Properties by 0.9% during the 4th quarter. California Public Employees Retirement System now owns 81,270 shares of the real estate investment trust's stock worth $13,043,000 after acquiring an additional 690 shares during the last quarter. Pictet Asset Management Holding SA increased its stake in EastGroup Properties by 1.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 15,551 shares of the real estate investment trust's stock worth $2,496,000 after purchasing an additional 155 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its position in EastGroup Properties by 7.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 64,940 shares of the real estate investment trust's stock valued at $10,422,000 after purchasing an additional 4,430 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors.

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EastGroup Properties Stock Up 1.8 %

Shares of NYSE EGP traded up $2.73 during midday trading on Friday, hitting $154.91. The stock had a trading volume of 528,656 shares, compared to its average volume of 364,645. The business's 50 day moving average is $174.69 and its 200-day moving average is $172.22. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The company has a market cap of $8.06 billion, a P/E ratio of 33.31, a PEG ratio of 3.35 and a beta of 0.94.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, beating 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%. As a group, analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.61%. EastGroup Properties's dividend payout ratio (DPR) is presently 120.43%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on EGP. Robert W. Baird lifted their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Evercore ISI reaffirmed an "in-line" rating and set a $185.00 target price (up previously from $181.00) on shares of EastGroup Properties in a research note on Monday, March 17th. Piper Sandler set a $175.00 price target on shares of EastGroup Properties and gave the stock a "neutral" rating in a research note on Sunday, April 6th. Truist Financial upgraded shares of EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 price objective for the company in a report on Thursday. Finally, Morgan Stanley reduced their target price on EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating on the stock in a report on Monday, December 30th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $189.00.

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.