BNP Paribas Financial Markets Sells 7,866 Shares of EastGroup Properties, Inc. (NYSE:EGP)

BNP Paribas Financial Markets lessened its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 17.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,209 shares of the real estate investment trust's stock after selling 7,866 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.08% of EastGroup Properties worth $6,132,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of EGP. Crowley Wealth Management Inc. bought a new stake in shares of EastGroup Properties in the fourth quarter valued at $29,000. Canton Hathaway LLC bought a new stake in EastGroup Properties in the 4th quarter valued at about $30,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock valued at $58,000 after purchasing an additional 302 shares during the last quarter. Principal Securities Inc. boosted 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 worth $86,000 after purchasing an additional 84 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of EastGroup Properties in the fourth quarter worth about $100,000. Hedge funds and other institutional investors own 92.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on EGP. Evercore ISI raised their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a report on Thursday, April 24th. Truist Financial cut their price target on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a report on Monday, May 5th. Piper Sandler dropped their price objective on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Raymond James restated a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Finally, Royal Bank of Canada decreased their price target on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 29th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, EastGroup Properties has a consensus rating of "Moderate Buy" and an average target price of $187.40.

EastGroup Properties Price Performance

EGP traded up $2.41 on Friday, reaching $173.18. The company had a trading volume of 314,531 shares, compared to its average volume of 371,235. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61. The company has a market cap of $9.09 billion, a price-to-earnings ratio of 37.24, a P/E/G ratio of 3.35 and a beta of 1.05. 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 business has a 50 day simple moving average of $166.73 and a 200 day simple moving average of $169.47.

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

EastGroup Properties Announces Dividend

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

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.