Bar Harbor Wealth Management Buys 13,391 Shares of EastGroup Properties, Inc. $EGP

Key Points

• Bar Harbor Wealth Management boosted its stake in EastGroup Properties (NYSE:EGP) by 56.6%, buying 13,391 shares to hold 37,059 shares valued at $6.602 million at the end of the quarter.
• EastGroup declared a quarterly dividend of $1.55 per share (annualized $6.20) with a yield of 3.2%; the ex-dividend date is March 31 and the payout ratio is a high 127.31%.
• Shares trade around $194 with a market capitalization of $10.35 billion, and analysts hold a consensus of Moderate Buy with an average price target of $200.18.

Bar Harbor Wealth Management increased its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 56.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,059 shares of the real estate investment trust's stock after buying an additional 13,391 shares during the period. Bar Harbor Wealth Management owned 0.07% of EastGroup Properties worth $6,602,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. True Wealth Design LLC raised its stake in EastGroup Properties by 159.7% in the third quarter. True Wealth Design LLC now owns 161 shares of the real estate investment trust's stock worth $27,000 after buying an additional 99 shares in the last quarter. State of Wyoming bought a new position in EastGroup Properties in the second quarter worth about $27,000. MAI Capital Management raised its stake in EastGroup Properties by 83.7% in the third quarter. MAI Capital Management now owns 180 shares of the real estate investment trust's stock worth $31,000 after buying an additional 82 shares in the last quarter. Steigerwald Gordon & Koch Inc. bought a new position in shares of EastGroup Properties during the third quarter valued at approximately $34,000. Finally, Mather Group LLC. bought a new position in shares of EastGroup Properties during the third quarter valued at approximately $35,000. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Trading Up 0.7%

Shares of EastGroup Properties stock opened at $194.07 on Friday. The company has a fifty day moving average of $189.16 and a 200 day moving average of $182.08. The company has a market capitalization of $10.35 billion, a P/E ratio of 39.85, a P/E/G ratio of 3.14 and a beta of 1.09. EastGroup Properties, Inc. has a fifty-two week low of $149.81 and a fifty-two week high of $197.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.01 and a current ratio of 0.01.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, March 31st. EastGroup Properties's payout ratio is currently 127.31%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Evercore set a $188.00 target price on shares of EastGroup Properties in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft downgraded shares of EastGroup Properties from a "buy" rating to a "hold" rating and set a $185.00 target price for the company. in a research note on Monday, January 5th. Morgan Stanley set a $205.00 target price on shares of EastGroup Properties in a research note on Friday, January 16th. Robert W. Baird set a $203.00 target price on shares of EastGroup Properties in a research note on Wednesday, February 11th. Finally, Truist Financial raised their target price on shares of EastGroup Properties from $203.00 to $205.00 and gave the company a "buy" rating in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, EastGroup Properties presently has a consensus rating of "Moderate Buy" and an average 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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