Ameriprise Financial Inc. Acquires 1,964 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Ameriprise Financial Inc. lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 76,182 shares of the real estate investment trust's stock after acquiring an additional 1,964 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.15% of EastGroup Properties worth $12,232,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in EGP. Cohen & Steers Inc. raised its stake 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 acquiring an additional 1,673,663 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of EastGroup Properties in the 4th quarter worth approximately $116,756,000. Norges Bank purchased a new position in shares of EastGroup Properties in the 4th quarter worth about $100,579,000. Daiwa Securities Group Inc. lifted its stake in shares of EastGroup Properties by 210.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust's stock worth $113,584,000 after buying an additional 479,873 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of EastGroup Properties by 91.3% in the fourth quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust's stock worth $130,189,000 after purchasing an additional 387,134 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Down 0.8%

Shares of EGP stock traded down $1.30 during trading hours on Friday, hitting $164.69. 301,646 shares of the company were exchanged, compared to its average volume of 373,562. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The stock has a market capitalization of $8.65 billion, a price-to-earnings ratio of 35.42, a P/E/G ratio of 3.35 and a beta of 1.05. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61. The business's 50-day simple moving average is $165.40 and its two-hundred day simple moving average is $169.29.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share 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 the consensus estimate of $169.67 million. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. EastGroup Properties's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $1.98 EPS. Sell-side analysts predict 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 will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.40%. EastGroup Properties's payout ratio is currently 122.54%.

Analyst Ratings Changes

Several equities research analysts have recently commented on EGP shares. Royal Bank of Canada reduced their price objective on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 29th. Barclays dropped their price target on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 30th. Piper Sandler reduced their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Robert W. Baird decreased 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, Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Eight equities research 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 data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $186.60.

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.