Asset Management One Co. Ltd. Raises Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Asset Management One Co. Ltd. boosted its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 11.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 103,569 shares of the real estate investment trust's stock after purchasing an additional 10,630 shares during the period. Asset Management One Co. Ltd. owned approximately 0.20% of EastGroup Properties worth $18,244,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in shares of EastGroup Properties by 5.5% in the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock valued at $72,610,000 after acquiring an additional 23,626 shares during the period. Osterweis Capital Management Inc. raised its stake in shares of EastGroup Properties by 2.2% in the 4th quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust's stock valued at $33,674,000 after acquiring an additional 4,484 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of EastGroup Properties by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 650,612 shares of the real estate investment trust's stock valued at $104,417,000 after acquiring an additional 10,812 shares during the period. Norges Bank purchased a new stake in shares of EastGroup Properties in the 4th quarter valued at approximately $100,579,000. Finally, Cbre Investment Management Listed Real Assets LLC purchased a new stake in shares of EastGroup Properties in the 4th quarter valued at approximately $8,606,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Price Performance

Shares of EGP opened at $168.00 on Thursday. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $192.61. The firm's 50 day moving average price is $167.83 and its 200 day moving average price is $169.03. The company has a market cap of $8.82 billion, a P/E ratio of 36.76, a PEG ratio of 3.84 and a beta of 1.02. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.43.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping the consensus estimate of $2.11 by $0.01. EastGroup Properties had a net margin of 34.60% and a return on equity of 7.41%. The company had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. During the same quarter in the previous year, the business posted $1.98 EPS. The firm's revenue was up 13.1% on a year-over-year basis. On average, research analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.33%. The ex-dividend date is Monday, June 30th. EastGroup Properties's dividend payout ratio (DPR) is presently 122.54%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EGP shares. Royal Bank Of Canada reduced their price target on shares of 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 reduced their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Raymond James Financial reissued a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Evercore ISI boosted their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research note on Thursday, April 24th. Finally, Truist Financial reduced their price target on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Seven investment 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. Based on data from MarketBeat.com, EastGroup Properties currently has a consensus rating of "Moderate Buy" and an average target price of $188.00.

EastGroup Properties Company 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.

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