Adage Capital Partners GP L.L.C. Sells 110,000 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Adage Capital Partners GP L.L.C. decreased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 85.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,771 shares of the real estate investment trust's stock after selling 110,000 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in EastGroup Properties were worth $3,013,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in EGP. Vanguard Group Inc. increased its position in EastGroup Properties by 1.0% in the 4th 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 buying an additional 72,199 shares in the last quarter. Cohen & Steers Inc. raised its position in shares of EastGroup Properties by 141.6% during 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 lifted its holdings in shares of EastGroup Properties by 1.4% in the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust's stock worth $253,496,000 after purchasing an additional 21,432 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in EastGroup Properties by 24.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock valued at $226,888,000 after purchasing an additional 273,217 shares during the period. Finally, Boston Partners increased its stake in EastGroup Properties by 34.1% during the 4th quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock valued at $169,533,000 after purchasing an additional 268,359 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EGP. Piper Sandler reduced their price objective on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Raymond James set a $190.00 price objective on EastGroup Properties and gave the stock a "strong-buy" rating in a research note on Monday, April 14th. Royal Bank of Canada dropped their target price on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a report on Tuesday. Robert W. Baird upped their price target on EastGroup Properties from $192.00 to $194.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Finally, StockNews.com upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Eight 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $187.20.

EastGroup Properties Stock Performance

Shares of NYSE:EGP traded up $2.96 during mid-day trading on Friday, reaching $167.04. The company had a trading volume of 317,596 shares, compared to its average volume of 370,075. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. The company's 50-day moving average price is $169.44 and its 200-day moving average price is $170.21. The firm has a market cap of $8.77 billion, a price-to-earnings ratio of 35.92, a PEG ratio of 3.35 and a beta of 0.94.

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, beating the consensus estimate 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%. The business's revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.98 earnings per share. As a group, equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders 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.