Adelante Capital Management LLC Buys 39,374 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Adelante Capital Management LLC grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 22.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 215,909 shares of the real estate investment trust's stock after acquiring an additional 39,374 shares during the quarter. EastGroup Properties comprises 2.2% of Adelante Capital Management LLC's investment portfolio, making the stock its 16th largest position. Adelante Capital Management LLC owned about 0.44% of EastGroup Properties worth $34,651,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CIBC Asset Management Inc increased its position in shares of EastGroup Properties by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust's stock valued at $234,000 after purchasing an additional 72 shares during the last quarter. Principal Securities Inc. grew its position in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock valued at $86,000 after acquiring an additional 84 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of EastGroup Properties by 18.7% during the fourth quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock worth $97,000 after acquiring an additional 95 shares in the last quarter. waypoint wealth counsel raised its stake in shares of EastGroup Properties by 1.9% during the fourth quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust's stock worth $867,000 after acquiring an additional 100 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of EastGroup Properties by 1.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust's stock worth $1,612,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

Wall Street Analyst Weigh In

EGP has been the topic of a number of analyst reports. Piper Sandler decreased their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. StockNews.com raised EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Truist Financial upgraded EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 price target on the stock in a research report on Thursday, April 10th. Royal Bank of Canada lowered their price objective on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research report on Tuesday. Finally, Raymond James set a $190.00 target price on shares of EastGroup Properties and gave the stock a "strong-buy" rating in a report on Monday, April 14th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $187.20.

EastGroup Properties Trading Up 1.8 %

EGP stock traded up $2.96 during trading on Friday, reaching $167.04. The company had a trading volume of 317,596 shares, compared to its average volume of 370,075. The business has a 50 day moving average of $169.44 and a 200 day moving average of $170.21. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market cap of $8.77 billion, a P/E ratio of 35.92, a PEG ratio of 3.35 and a beta of 0.94. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. During the same quarter in the prior year, the company earned $1.98 EPS. The business's revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $1.40 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 annualized dividend and a dividend yield of 3.35%. EastGroup Properties's payout ratio is 122.54%.

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.