EastGroup Properties, Inc. (NYSE:EGP) Stake Boosted by Vanguard Group Inc.

Vanguard Group Inc. lifted its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,990,950 shares of the real estate investment trust's stock after purchasing an additional 72,199 shares during the quarter. Vanguard Group Inc. owned approximately 14.12% of EastGroup Properties worth $1,121,978,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in EastGroup Properties in the 4th quarter valued at $116,756,000. FMR LLC increased its stake in 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 purchasing an additional 629,827 shares during the period. Daiwa Securities Group Inc. increased its stake in EastGroup Properties by 210.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust's stock valued at $113,584,000 after purchasing an additional 479,873 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of EastGroup Properties by 355.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust's stock valued at $73,158,000 after buying an additional 305,555 shares during the last quarter. Finally, Boston Partners boosted its stake in shares of EastGroup Properties by 34.1% during the fourth quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock worth $169,533,000 after buying an additional 268,359 shares during the period. Hedge funds and other institutional investors own 92.14% of the company's stock.

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EastGroup Properties Stock Down 0.3 %

Shares of EGP traded down $0.56 during mid-day trading on Wednesday, reaching $175.54. 54,632 shares of the stock traded hands, compared to its average volume of 345,166. The stock has a fifty day simple moving average of $177.34 and a 200 day simple moving average of $174.31. EastGroup Properties, Inc. has a 12-month low of $155.10 and a 12-month 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 firm has a market cap of $9.13 billion, a price-to-earnings ratio of 37.74, a P/E/G ratio of 3.35 and a beta of 0.99.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, beating 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%. Sell-side analysts expect 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. Stockholders of record on Monday, March 31st will be given a $1.40 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.19%. EastGroup Properties's payout ratio is 120.43%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. KeyCorp restated a "sector weight" rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Raymond James raised EastGroup Properties from an "outperform" rating to a "strong-buy" rating and boosted their target price for the company from $185.00 to $200.00 in a 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 report on Thursday, January 2nd. Truist Financial boosted their price objective on shares of EastGroup Properties from $168.00 to $180.00 and gave the company a "hold" rating in a research note on Friday, February 14th. Finally, Evercore ISI restated an "in-line" rating and issued a $185.00 target price (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 given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $190.47.

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.