35,326 Shares in EastGroup Properties, Inc. $EGP Acquired by Bayhunt Capital LLC

Key Points

• Bayhunt Capital acquired 35,326 shares of EastGroup Properties (NYSE:EGP) in Q4, a stake worth about $6.29 million that represents roughly 3.5% of Bayhunt’s portfolio and made EGP its 15th largest holding; Bayhunt owned ~0.07% of EGP at quarter-end.
• EastGroup declared a quarterly dividend of $1.55 (ex-dividend and record date March 31), equal to a $6.20 annualized payout and a 3.2% yield, with a dividend payout ratio of 127.31%.
• Analysts give EGP a consensus rating of “Moderate Buy” with a $200.18 average price target; the stock traded near $194, sits close to its 52-week high ($197.95), and carries a market cap of about $10.35 billion and a P/E of 39.85.

Bayhunt Capital LLC acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 35,326 shares of the real estate investment trust's stock, valued at approximately $6,293,000. EastGroup Properties makes up about 3.5% of Bayhunt Capital LLC's portfolio, making the stock its 15th largest holding. Bayhunt Capital LLC owned approximately 0.07% of EastGroup Properties at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Canton Hathaway LLC raised its holdings in EastGroup Properties by 31.6% in the 3rd quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust's stock valued at $42,000 after acquiring an additional 60 shares in the last quarter. Azzad Asset Management Inc. ADV raised its holdings in EastGroup Properties by 2.6% in the 4th quarter. Azzad Asset Management Inc. ADV now owns 2,423 shares of the real estate investment trust's stock valued at $432,000 after acquiring an additional 62 shares in the last quarter. Cetera Investment Advisers raised its holdings in EastGroup Properties by 1.9% in the 2nd quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust's stock valued at $613,000 after acquiring an additional 68 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in EastGroup Properties by 3.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,489 shares of the real estate investment trust's stock valued at $421,000 after acquiring an additional 77 shares in the last quarter. Finally, United Capital Financial Advisors LLC raised its holdings in EastGroup Properties by 3.6% in the 3rd quarter. United Capital Financial Advisors LLC now owns 2,334 shares of the real estate investment trust's stock valued at $395,000 after acquiring an additional 81 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Trading Up 0.7%

Shares of EGP opened at $194.07 on Friday. EastGroup Properties, Inc. has a 52-week low of $149.81 and a 52-week high of $197.95. The business's fifty day moving average is $189.16 and its 200-day moving average is $182.18. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01. The firm has a market cap of $10.35 billion, a price-to-earnings ratio of 39.85, a PEG ratio of 3.16 and a beta of 1.09.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $1.55 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $6.20 annualized dividend and a dividend yield of 3.2%. EastGroup Properties's dividend payout ratio (DPR) is presently 127.31%.

Analyst Upgrades and Downgrades

EGP has been the subject of several analyst reports. Royal Bank Of Canada lifted their price objective on EastGroup Properties from $183.00 to $195.00 and gave the company a "sector perform" rating in a report on Wednesday, February 18th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of EastGroup Properties in a report on Friday, March 27th. KeyCorp lifted their price objective on EastGroup Properties from $200.00 to $205.00 and gave the company an "overweight" rating in a report on Tuesday, February 10th. Deutsche Bank Aktiengesellschaft cut EastGroup Properties from a "buy" rating to a "hold" rating and set a $185.00 price objective for the company. in a report on Monday, January 5th. Finally, Citigroup lifted their price objective on EastGroup Properties from $210.00 to $220.00 and gave the company a "buy" rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $200.18.

About EastGroup Properties

EastGroup Properties, Inc NYSE: EGP is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company's portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.

Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.

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