Bank of America Corp DE Raises Position in EastGroup Properties, Inc. (NYSE:EGP)

Bank of America Corp DE increased its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 8.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 442,067 shares of the real estate investment trust's stock after acquiring an additional 34,900 shares during the quarter. Bank of America Corp DE owned approximately 0.89% of EastGroup Properties worth $70,947,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Franklin Resources Inc. grew its position in EastGroup Properties by 337.0% during the 3rd quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust's stock worth $8,728,000 after purchasing an additional 37,863 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of EastGroup Properties by 20.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust's stock worth $261,000 after buying an additional 275 shares during the last quarter. Bank of New York Mellon Corp increased its position in EastGroup Properties by 5.5% in the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock valued at $72,610,000 after acquiring an additional 23,626 shares during the period. BankPlus Trust Department purchased a new stake in EastGroup Properties during the 4th quarter valued at approximately $1,871,000. Finally, Ausbil Investment Management Ltd lifted its position in EastGroup Properties by 116.0% during the 4th quarter. Ausbil Investment Management Ltd now owns 14,550 shares of the real estate investment trust's stock worth $2,342,000 after acquiring an additional 7,813 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

NYSE:EGP traded up $2.41 during mid-day trading on Friday, hitting $173.18. 314,531 shares of the company's stock traded hands, compared to its average volume of 371,235. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market cap of $9.09 billion, a PE ratio of 37.24, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05. The firm's 50 day simple moving average is $166.73 and its 200 day simple moving average is $169.47. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61.

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

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.40 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.23%. EastGroup Properties's dividend payout ratio (DPR) is 122.54%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Royal Bank of Canada lowered their target price on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 29th. Piper Sandler lowered their price objective 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. Raymond James restated a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. StockNews.com upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Finally, Barclays dropped their price target on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $187.40.

About EastGroup Properties

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.