DigitalBridge Group Inc. Grows Holdings in EastGroup Properties, Inc. (NYSE:EGP)

DigitalBridge Group Inc. grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,813 shares of the real estate investment trust's stock after buying an additional 4,350 shares during the quarter. DigitalBridge Group Inc. owned 0.11% of EastGroup Properties worth $8,636,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. CIBC Asset Management Inc increased its stake in EastGroup Properties by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust's stock worth $234,000 after acquiring an additional 72 shares during the last quarter. Principal Securities Inc. lifted its stake 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 last quarter. waypoint wealth counsel boosted its holdings in shares of EastGroup Properties by 1.9% in the 4th quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust's stock worth $867,000 after purchasing an additional 100 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of EastGroup Properties by 1.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust's stock valued at $1,612,000 after buying an additional 100 shares in the last quarter. Finally, US Bancorp DE lifted its position in EastGroup Properties by 1.4% in the 4th quarter. US Bancorp DE now owns 7,395 shares of the real estate investment trust's stock worth $1,187,000 after buying an additional 102 shares during the last quarter. Institutional investors own 92.14% of the company's stock.

Analysts Set New Price Targets

EGP has been the topic of several research reports. Royal Bank of Canada decreased their price target on shares of 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. Deutsche Bank Aktiengesellschaft began coverage on shares of EastGroup Properties in a report on Tuesday, January 14th. They set a "buy" rating and a $180.00 target price on the stock. Raymond James reissued a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Truist Financial cut their price target on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, Piper Sandler decreased 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. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, EastGroup Properties currently has an average rating of "Moderate Buy" and a consensus target price of $187.40.

EastGroup Properties Trading Up 3.4%

EastGroup Properties stock traded up $5.67 during mid-day trading on Monday, reaching $173.63. 137,475 shares of the company traded hands, compared to its average volume of 369,766. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of 37.33, a P/E/G ratio of 3.35 and a beta of 1.05. The firm's 50 day moving average price is $167.87 and its 200 day moving average price is $169.54.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued 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 net margin of 35.57% and a return on equity of 7.89%. The firm had revenue of $174.45 million for the quarter, compared to the consensus estimate of $169.67 million. During the same quarter in the prior year, the firm posted $1.98 earnings per share. The business's revenue was up 13.1% on a year-over-year basis. On average, analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date was Monday, March 31st. 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.