Pacer Advisors Inc. Sells 13,547 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Pacer Advisors Inc. lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 21.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 48,751 shares of the real estate investment trust's stock after selling 13,547 shares during the quarter. Pacer Advisors Inc. owned 0.10% of EastGroup Properties worth $7,824,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cerity Partners LLC grew its holdings in shares of EastGroup Properties by 35.6% in the 3rd quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust's stock valued at $2,545,000 after acquiring an additional 3,574 shares in the last quarter. Ausbil Investment Management Ltd raised its holdings in EastGroup Properties by 261.6% in the 3rd quarter. Ausbil Investment Management Ltd now owns 6,737 shares of the real estate investment trust's stock valued at $1,259,000 after acquiring an additional 4,874 shares during the period. Franklin Resources Inc. lifted its position in EastGroup Properties by 337.0% during the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust's stock worth $8,728,000 after acquiring an additional 37,863 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of EastGroup Properties by 20.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust's stock worth $261,000 after acquiring an additional 275 shares during the period. Finally, Nordea Investment Management AB grew its position in shares of EastGroup Properties by 6.1% in the fourth quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust's stock valued at $11,667,000 after purchasing an additional 4,176 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

EGP has been the topic of a number of research reports. Wedbush reaffirmed an "outperform" rating and issued a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Evercore ISI raised their target price on shares of EastGroup Properties from $204.00 to $205.00 and gave the company an "outperform" rating in a report on Monday, October 7th. Barclays reduced their price objective on EastGroup Properties from $198.00 to $193.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 10th. Wells Fargo & Company dropped their price target on EastGroup Properties from $214.00 to $199.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Finally, Jefferies Financial Group upgraded shares of EastGroup Properties from a "hold" rating to a "buy" rating and upped their price target for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $190.88.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock traded up $1.88 during trading on Thursday, hitting $170.04. 323,442 shares of the stock traded hands, compared to its average volume of 387,771. The stock has a market cap of $8.42 billion, a price-to-earnings ratio of 35.13, a PEG ratio of 3.12 and a beta of 1.00. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. EastGroup Properties, Inc. has a 52 week low of $155.10 and a 52 week high of $192.61. The firm's fifty day moving average is $165.73 and its 200-day moving average is $176.42.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.29%. EastGroup Properties's payout ratio is 115.70%.

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.