UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $73.16 Million Stake in EastGroup Properties, Inc. (NYSE:EGP)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 355.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 391,594 shares of the real estate investment trust's stock after purchasing an additional 305,555 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.79% of EastGroup Properties worth $73,158,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC boosted its position in shares of EastGroup Properties by 67.9% in the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust's stock valued at $291,081,000 after acquiring an additional 629,827 shares during the period. Ceredex Value Advisors LLC bought a new position in shares of EastGroup Properties during the 2nd quarter worth about $35,131,000. Millennium Management LLC raised its position in shares of EastGroup Properties by 202.1% during the second quarter. Millennium Management LLC now owns 188,336 shares of the real estate investment trust's stock valued at $32,036,000 after buying an additional 125,991 shares during the last quarter. Vision Capital Corp bought a new stake in shares of EastGroup Properties in the third quarter valued at about $18,308,000. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in shares of EastGroup Properties by 30.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 280,759 shares of the real estate investment trust's stock valued at $47,757,000 after buying an additional 64,984 shares during the period. Institutional investors own 92.14% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Wedbush reaffirmed an "outperform" rating and issued a $209.00 price target on shares of EastGroup Properties in a report on Friday, October 25th. Wells Fargo & Company cut their target price on EastGroup Properties from $214.00 to $199.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Truist Financial decreased their price target on shares of EastGroup Properties from $190.00 to $186.00 and set a "hold" rating on the stock in a research note on Wednesday, November 13th. Royal Bank of Canada restated a "sector perform" rating and issued a $186.00 price objective on shares of EastGroup Properties in a research note on Wednesday, October 30th. Finally, Evercore ISI increased their price target on shares of EastGroup Properties from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, EastGroup Properties presently has an average rating of "Hold" and a consensus price target of $191.21.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock traded down $0.91 during midday trading on Tuesday, reaching $169.78. The company had a trading volume of 198,830 shares, compared to its average volume of 301,944. The company has a current ratio of 0.08, a quick ratio of 0.08 and a debt-to-equity ratio of 0.57. The stock has a fifty day simple moving average of $177.11 and a 200 day simple moving average of $177.40. EastGroup Properties, Inc. has a 1-year low of $155.23 and a 1-year high of $192.61. The company has a market capitalization of $8.41 billion, a price-to-earnings ratio of 35.08, a price-to-earnings-growth ratio of 2.22 and a beta of 0.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.97). The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $161.52 million. EastGroup Properties had a net margin of 37.19% and a return on equity of 8.56%. The company's revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company earned $1.95 EPS. As a group, equities research analysts forecast that EastGroup Properties, Inc. will post 8.36 earnings per share for the current year.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.40 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $5.60 annualized dividend and a yield of 3.30%. EastGroup Properties's dividend payout ratio is currently 115.70%.

EastGroup Properties 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.