Ensign Peak Advisors Inc Boosts Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Ensign Peak Advisors Inc raised its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 16.5% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 19,145 shares of the real estate investment trust's stock after purchasing an additional 2,715 shares during the period. Ensign Peak Advisors Inc's holdings in EastGroup Properties were worth $3,073,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of EastGroup Properties by 20.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust's stock worth $261,000 after buying an additional 275 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in EastGroup Properties by 5.5% during the fourth quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock worth $72,610,000 after acquiring an additional 23,626 shares in the last quarter. BankPlus Trust Department acquired a new stake in EastGroup Properties in the fourth quarter worth $1,871,000. Ausbil Investment Management Ltd increased its stake in EastGroup Properties by 116.0% in the fourth quarter. Ausbil Investment Management Ltd now owns 14,550 shares of the real estate investment trust's stock valued at $2,342,000 after purchasing an additional 7,813 shares in the last quarter. Finally, Osterweis Capital Management Inc. increased its stake in EastGroup Properties by 2.2% in the fourth quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust's stock valued at $33,674,000 after purchasing an additional 4,484 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on EGP. Truist Financial cut their price target on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Royal Bank of Canada cut their target price on 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. Piper Sandler decreased their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Robert W. Baird dropped their price target on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Finally, Evercore ISI upped 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 given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $186.60.

EastGroup Properties Stock Performance

Shares of EGP stock traded down $0.73 on Tuesday, hitting $171.97. 29,577 shares of the stock were exchanged, compared to its average volume of 464,301. The firm's 50 day moving average is $166.37 and its two-hundred day moving average is $169.43. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61. The firm has a market capitalization of $9.03 billion, a PE ratio of 36.98, a P/E/G ratio of 3.35 and a beta of 1.05. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46.

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 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 firm had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. During the same quarter last year, the business earned $1.98 earnings per share. The company's quarterly revenue was up 13.1% on a year-over-year basis. Sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date was Monday, March 31st. 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.