Rhumbline Advisers Grows Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Rhumbline Advisers increased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 151,795 shares of the real estate investment trust's stock after purchasing an additional 4,327 shares during the quarter. Rhumbline Advisers owned 0.31% of EastGroup Properties worth $24,362,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of EGP. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of EastGroup Properties by 503.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock valued at $58,000 after purchasing an additional 302 shares during the last quarter. Versant Capital Management Inc boosted its holdings in 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 valued at $97,000 after acquiring an additional 95 shares during the period. Quarry LP purchased a new position in EastGroup Properties during the 3rd quarter valued at $102,000. Blue Trust Inc. boosted its holdings in EastGroup Properties by 26.0% during the 4th quarter. Blue Trust Inc. now owns 1,242 shares of the real estate investment trust's stock valued at $199,000 after acquiring an additional 256 shares during the period. Finally, Martingale Asset Management L P purchased a new position in EastGroup Properties during the 3rd quarter valued at $202,000. Institutional investors own 92.14% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wedbush restated an "outperform" rating and set a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. Wells Fargo & Company dropped their price objective on EastGroup Properties from $214.00 to $199.00 and set an "overweight" rating for the company in a report on Monday, November 4th. KeyCorp reiterated a "sector weight" rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Truist Financial upped their target price on EastGroup Properties from $168.00 to $180.00 and gave the stock a "hold" rating in a report on Friday, February 14th. Finally, Morgan Stanley lowered their target price on EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating for the company in a report on Monday, December 30th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, EastGroup Properties presently has an average rating of "Moderate Buy" and a consensus price target of $191.65.

EastGroup Properties Stock Performance

Shares of EGP traded down $0.31 during mid-day trading on Friday, reaching $179.35. The company had a trading volume of 491,227 shares, compared to its average volume of 416,931. EastGroup Properties, Inc. has a 52-week low of $155.10 and a 52-week high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $9.33 billion, a P/E ratio of 38.57, a PEG ratio of 3.35 and a beta of 1.00. The stock has a 50 day moving average of $167.39 and a two-hundred day moving average of $175.27.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its 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%. On average, analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $1.40 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.12%. EastGroup Properties's dividend payout ratio (DPR) is presently 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.