Raymond James Financial Services Advisors Inc. raised its stake in EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 11.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,658 shares of the real estate investment trust’s stock after acquiring an additional 572 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in EastGroup Properties were worth $1,038,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of EGP. American Century Companies Inc. bought a new stake in EastGroup Properties in the 1st quarter valued at $354,000. Group One Trading L.P. purchased a new position in shares of EastGroup Properties in the 1st quarter worth $41,000. Private Advisor Group LLC grew its stake in shares of EastGroup Properties by 10.3% in the 1st quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock worth $246,000 after buying an additional 113 shares in the last quarter. Allianz Asset Management GmbH purchased a new position in shares of EastGroup Properties in the 1st quarter worth $12,520,000. Finally, Vanguard Group Inc. grew its stake in shares of EastGroup Properties by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock worth $1,254,651,000 after buying an additional 133,344 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.
EastGroup Properties Trading Down 1.1 %
Shares of EGP opened at $171.05 on Monday. EastGroup Properties, Inc. has a 1-year low of $154.75 and a 1-year high of $188.85. The company has a 50-day moving average of $179.12 and a 200 day moving average of $175.44. The firm has a market capitalization of $8.20 billion, a price-to-earnings ratio of 38.79, a PEG ratio of 2.71 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.28 and a quick ratio of 0.28.
EastGroup Properties Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $5.08 annualized dividend and a dividend yield of 2.97%. EastGroup Properties’s dividend payout ratio is currently 115.19%.
Analyst Ratings Changes
EGP has been the subject of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on shares of EastGroup Properties in a research note on Thursday. They issued a “neutral” rating and a $190.00 price objective for the company. Royal Bank of Canada lifted their price objective on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a “sector perform” rating in a research note on Friday, February 16th. Mizuho reaffirmed a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Barclays started coverage on shares of EastGroup Properties in a research note on Wednesday, March 27th. They set an “equal weight” rating and a $181.00 price target for the company. Finally, Truist Financial lifted their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a research note on Tuesday, February 20th. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $188.36.
View Our Latest Report on EastGroup Properties
Insider Activity
In other news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the sale, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.50% of the company’s stock.
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.
See Also
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