Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 49.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,177 shares of the real estate investment trust's stock after acquiring an additional 10,027 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of EastGroup Properties worth $4,843,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of EastGroup Properties in the fourth quarter worth approximately $116,756,000. FMR LLC boosted its holdings in EastGroup Properties by 67.9% in the 3rd quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust's stock worth $291,081,000 after buying an additional 629,827 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in EastGroup Properties by 355.1% in the 3rd 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 worth $73,158,000 after buying an additional 305,555 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in EastGroup Properties by 50.9% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 517,770 shares of the real estate investment trust's stock worth $83,098,000 after buying an additional 174,630 shares in the last quarter. Finally, Vision Capital Corp bought a new stake in EastGroup Properties during the third quarter valued at about $18,308,000. 92.14% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on EGP. StockNews.com raised EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Monday, February 10th. Morgan Stanley dropped their price target on EastGroup Properties from $186.00 to $180.00 and set an "equal weight" rating for the company in a research note on Monday, December 30th. Raymond James upgraded shares of EastGroup Properties from an "outperform" rating to a "strong-buy" rating and lifted their price objective for the company from $185.00 to $200.00 in a research report on Wednesday, December 11th. KeyCorp reaffirmed a "sector weight" rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Finally, Truist Financial lifted their price target on shares of EastGroup Properties from $168.00 to $180.00 and gave the company a "hold" rating in a report on Friday, February 14th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $190.47.
Check Out Our Latest Analysis on EGP
EastGroup Properties Trading Up 0.7 %
Shares of EGP stock traded up $1.31 during trading hours on Monday, reaching $181.23. 463,845 shares of the stock were exchanged, compared to its average volume of 323,573. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a 12-month low of $155.10 and a 12-month high of $192.61. The firm has a market capitalization of $9.43 billion, a price-to-earnings ratio of 38.97, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99. The company's 50-day moving average price is $173.91 and its 200-day moving average price is $175.01.
EastGroup Properties (NYSE:EGP - Get Free Report) last released its 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%. As a group, equities analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.
EastGroup Properties Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.40 dividend. The ex-dividend date is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.09%. EastGroup Properties's payout ratio is 120.43%.
About EastGroup Properties
(
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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