Dimensional Fund Advisors LP Sells 6,711 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Dimensional Fund Advisors LP lessened its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 0.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 714,583 shares of the real estate investment trust's stock after selling 6,711 shares during the quarter. Dimensional Fund Advisors LP owned about 1.44% of EastGroup Properties worth $114,685,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in EastGroup Properties by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust's stock valued at $1,121,978,000 after acquiring an additional 72,199 shares in the last quarter. Cohen & Steers Inc. increased its holdings in shares of EastGroup Properties by 141.6% in the fourth quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock worth $458,347,000 after purchasing an additional 1,673,663 shares during the period. FMR LLC raised its position in shares of EastGroup Properties by 1.4% in the fourth quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust's stock worth $253,496,000 after buying an additional 21,432 shares in the last quarter. Boston Partners boosted its stake in EastGroup Properties by 34.1% during the fourth quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock valued at $169,533,000 after buying an additional 268,359 shares during the period. Finally, Geode Capital Management LLC grew its position in EastGroup Properties by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 914,532 shares of the real estate investment trust's stock worth $146,816,000 after buying an additional 15,313 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on EGP. Royal Bank of Canada dropped their target price on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research report on Tuesday. Piper Sandler cut their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. StockNews.com upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a report on Tuesday, January 14th. They issued a "buy" rating and a $180.00 price objective for the company. Finally, Barclays decreased their price objective on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a report on Wednesday. Nine 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $186.94.

EastGroup Properties Trading Up 0.1 %

NYSE:EGP traded up $0.23 during mid-day trading on Wednesday, reaching $163.34. 450,990 shares of the company's stock traded hands, compared to its average volume of 369,755. The company has a 50 day moving average price of $170.39 and a 200-day moving average price of $170.44. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of 35.13, a PEG ratio of 3.35 and a beta of 0.94. 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 12-month low of $137.67 and a 12-month 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 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 for the quarter, compared to analysts' expectations of $169.67 million. During the same period in the previous year, the firm earned $1.98 earnings per share. The business's revenue was up 13.1% compared to the same quarter last year. On average, sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend 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.