Balyasny Asset Management L.P. Acquires 210,905 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Balyasny Asset Management L.P. boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 41.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 718,895 shares of the real estate investment trust's stock after buying an additional 210,905 shares during the quarter. Balyasny Asset Management L.P. owned approximately 1.45% of EastGroup Properties worth $115,375,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Franklin Resources Inc. raised its position in EastGroup Properties by 337.0% in the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust's stock valued at $8,728,000 after purchasing an additional 37,863 shares during the last quarter. Versant Capital Management Inc boosted its position in EastGroup Properties by 18.7% during the 4th quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock worth $97,000 after buying an additional 95 shares during the period. Nordea Investment Management AB grew its holdings in EastGroup Properties by 6.1% during the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust's stock worth $11,667,000 after acquiring an additional 4,176 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in EastGroup Properties by 20.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust's stock valued at $261,000 after acquiring an additional 275 shares during the period. Finally, Bar Harbor Wealth Management raised its stake in shares of EastGroup Properties by 0.6% during the fourth quarter. Bar Harbor Wealth Management now owns 23,278 shares of the real estate investment trust's stock valued at $3,736,000 after acquiring an additional 148 shares during the last quarter. Institutional investors own 92.14% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on EGP shares. Truist Financial lowered their price objective on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday. StockNews.com upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Robert W. Baird cut their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research report on Wednesday. Raymond James reiterated a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday. Finally, Evercore ISI boosted their price objective on EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research note on Thursday, April 24th. Eight 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. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $187.40.

EastGroup Properties Stock Up 0.9 %

EGP traded up $1.45 during trading on Friday, reaching $168.46. The stock had a trading volume of 76,335 shares, compared to its average volume of 477,722. 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 has a market capitalization of $8.85 billion, a price-to-earnings ratio of 36.23, a P/E/G ratio of 3.35 and a beta of 1.05. The stock's 50 day moving average is $168.20 and its two-hundred day moving average is $169.76. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61.

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

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued 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 3.32%. EastGroup Properties's payout ratio 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.