Resona Asset Management Co. Ltd. Purchases Shares of 19,678 EastGroup Properties, Inc. (NYSE:EGP)

Resona Asset Management Co. Ltd. purchased a new position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 19,678 shares of the real estate investment trust's stock, valued at approximately $3,173,000.

Other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc boosted its holdings in EastGroup Properties by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust's stock worth $234,000 after buying an additional 72 shares during the period. Principal Securities Inc. raised its stake in EastGroup Properties by 18.5% in 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 in the last quarter. Versant Capital Management Inc lifted its holdings 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 acquiring an additional 95 shares during the last quarter. waypoint wealth counsel lifted its stake in EastGroup Properties by 1.9% during the fourth quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust's stock worth $867,000 after purchasing an additional 100 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in EastGroup Properties by 1.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust's stock worth $1,612,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

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Analysts Set New Price Targets

Several research firms have issued reports on EGP. KeyCorp restated a "sector weight" rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Jefferies Financial Group upgraded shares of EastGroup Properties from a "hold" rating to a "buy" rating and lifted their price target for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Morgan Stanley decreased their target price on EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating for the company in a research report on Monday, December 30th. Truist Financial upgraded shares of EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 price target for the company in a research note on Thursday, April 10th. 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. Nine equities research 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 company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $188.82.

EastGroup Properties Stock Performance

Shares of EGP traded up $0.72 during trading hours on Tuesday, hitting $157.32. The stock had a trading volume of 72,361 shares, compared to its average volume of 364,501. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $192.61. The stock has a fifty day moving average price of $174.38 and a 200 day moving average price of $171.89. 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 has a market capitalization of $8.18 billion, a PE ratio of 33.82, a PEG ratio of 3.35 and a beta of 0.94.

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, beating the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. Analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 dividend yield of 3.56%. The ex-dividend date is Monday, March 31st. EastGroup Properties's payout ratio is 120.43%.

About EastGroup Properties

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.