Polymer Capital Management US LLC purchased a new position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,736 shares of the real estate investment trust's stock, valued at approximately $279,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties in the 4th quarter worth approximately $29,000. Canton Hathaway LLC bought a new stake in EastGroup Properties in the fourth quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock worth $58,000 after acquiring an additional 302 shares in the last quarter. Principal Securities Inc. lifted its holdings in shares of 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 acquiring an additional 84 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of 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 purchasing an additional 95 shares in the last quarter. Institutional investors own 92.14% of the company's stock.
EastGroup Properties Trading Up 1.8 %
EGP traded up $2.73 during mid-day trading on Friday, hitting $154.91. The stock had a trading volume of 528,656 shares, compared to its average volume of 365,296. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 33.31, 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 stock's fifty day simple moving average is $174.69 and its 200-day simple moving average is $172.11.
EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping 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%. As a group, research analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.
EastGroup Properties Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Monday, March 31st. EastGroup Properties's dividend payout ratio (DPR) is presently 120.43%.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Friday. Morgan Stanley cut their target price on shares of EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating for the company in a research note on Monday, December 30th. Jefferies Financial Group upgraded EastGroup Properties from a "hold" rating to a "buy" rating and increased their price target for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. KeyCorp reiterated a "sector weight" rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Finally, Truist Financial upgraded EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a report on Thursday. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of "Moderate Buy" and an average price target of $189.00.
View Our Latest Stock Analysis on EastGroup Properties
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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