Legal & General Group Plc lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 9.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 281,925 shares of the real estate investment trust's stock after selling 29,251 shares during the quarter. Legal & General Group Plc owned approximately 0.57% of EastGroup Properties worth $45,246,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Crowley Wealth Management Inc. purchased a new stake in shares of EastGroup Properties during the fourth quarter worth $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties during the 4th quarter worth approximately $30,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of EastGroup Properties by 503.3% in the fourth 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 last quarter. Principal Securities Inc. lifted 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 worth $86,000 after buying an additional 84 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in EastGroup Properties by 18.7% in the 4th 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. 92.14% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the stock. StockNews.com raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Friday, April 11th. Piper Sandler decreased their price objective on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft assumed 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 raised their price objective on EastGroup Properties from $192.00 to $194.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Finally, 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. Nine investment 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 stock. According to data from MarketBeat, EastGroup Properties has a consensus rating of "Moderate Buy" and an average price target of $188.24.
Read Our Latest Stock Analysis on EGP
EastGroup Properties Stock Up 1.0 %
Shares of NYSE EGP traded up $1.63 during mid-day trading on Friday, hitting $159.69. The company had a trading volume of 332,278 shares, compared to its average volume of 366,184. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The company has a market capitalization of $8.31 billion, a PE ratio of 34.34, a price-to-earnings-growth 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. The business's 50-day simple moving average is $173.37 and its 200 day simple moving average is $171.51.
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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.
EastGroup Properties Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Monday, March 31st. EastGroup Properties's dividend payout ratio is presently 120.43%.
About EastGroup Properties
(
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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