Raymond James Financial Inc. acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 727,500 shares of the real estate investment trust's stock, valued at approximately $116,756,000. Raymond James Financial Inc. owned approximately 1.47% of EastGroup Properties as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new stake in shares of EastGroup Properties during the fourth quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in 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 acquiring an additional 302 shares during the period. Principal Securities Inc. grew 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 purchasing an additional 84 shares during the last quarter. Versant Capital Management Inc raised its position in shares of EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock worth $97,000 after purchasing an additional 95 shares during the period. Finally, Quarry LP bought a new stake in shares of EastGroup Properties in the 3rd quarter worth approximately $102,000. Institutional investors own 92.14% of the company's stock.
EastGroup Properties Stock Performance
Shares of EGP stock traded down $1.54 during trading on Wednesday, reaching $181.09. The company had a trading volume of 364,068 shares, compared to its average volume of 324,696. The company has a market capitalization of $9.42 billion, a PE ratio of 38.95, a PEG ratio of 3.35 and a beta of 0.99. EastGroup Properties, Inc. has a one year low of $155.10 and a one year high of $192.61. 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 firm's 50 day simple moving average is $172.31 and its two-hundred day simple moving average is $175.18.
EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, beating analysts' consensus estimates of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. Sell-side analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.
EastGroup Properties Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $1.40 dividend. The ex-dividend date is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.09%. EastGroup Properties's dividend payout ratio is 120.43%.
Analyst Upgrades and Downgrades
EGP has been the subject of several analyst reports. Raymond James upgraded EastGroup Properties from an "outperform" rating to a "strong-buy" rating and boosted their price objective for the stock from $185.00 to $200.00 in a research report on Wednesday, December 11th. Jefferies Financial Group raised 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 note on Thursday, January 2nd. Truist Financial raised their price target on EastGroup Properties from $168.00 to $180.00 and gave the company a "hold" rating in a report on Friday, February 14th. Robert W. Baird upped their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Finally, 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. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has a consensus rating of "Moderate Buy" and a consensus target price of $191.65.
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About EastGroup Properties
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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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