Prudential Financial Inc. Has $8.17 Million Stake in EastGroup Properties, Inc. (NYSE:EGP)

Prudential Financial Inc. lowered its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 18.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,876 shares of the real estate investment trust's stock after selling 11,346 shares during the period. Prudential Financial Inc. owned about 0.10% of EastGroup Properties worth $8,165,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Crowley Wealth Management Inc. bought a new stake in EastGroup Properties in the fourth quarter valued at $29,000. Vanguard Group Inc. boosted its stake in EastGroup Properties by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust's stock valued at $1,121,978,000 after purchasing an additional 72,199 shares during the period. LPL Financial LLC increased its stake in shares of EastGroup Properties by 15.8% in the fourth quarter. LPL Financial LLC now owns 13,294 shares of the real estate investment trust's stock valued at $2,134,000 after purchasing an additional 1,810 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of EastGroup Properties during the fourth quarter valued at approximately $1,633,000. Finally, Sei Investments Co. boosted its position in shares of EastGroup Properties by 15.4% during the fourth quarter. Sei Investments Co. now owns 105,560 shares of the real estate investment trust's stock worth $16,940,000 after buying an additional 14,103 shares during the period. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Down 5.6 %

Shares of EGP traded down $9.75 during trading hours on Thursday, hitting $165.90. 593,255 shares of the company were exchanged, compared to its average volume of 348,197. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market cap of $8.63 billion, a PE ratio of 35.68, a PEG ratio of 3.35 and a beta of 0.99. The firm's 50 day moving average is $177.42 and its 200-day moving average is $174.26. EastGroup Properties, Inc. has a 52 week low of $155.10 and a 52 week high of $192.61.

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EastGroup Properties (NYSE:EGP - Get Free Report) last announced its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (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%. On average, equities 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 given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Monday, March 31st. EastGroup Properties's dividend payout ratio is 120.43%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on EGP. Raymond James raised EastGroup Properties from an "outperform" rating to a "strong-buy" rating and lifted their target price for the company from $185.00 to $200.00 in a research note on Wednesday, December 11th. KeyCorp reaffirmed a "sector weight" rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Morgan Stanley lowered their target price on shares of EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating on the stock in a research note on Monday, December 30th. Robert W. Baird upped their price target 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. Finally, Evercore ISI reiterated an "in-line" rating and set a $185.00 price objective (up previously from $181.00) on shares of EastGroup Properties in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, EastGroup Properties has a consensus rating of "Moderate Buy" and a consensus target price of $190.47.

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.