Brown Advisory Inc. Sells 6,309 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Brown Advisory Inc. reduced its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 494,065 shares of the real estate investment trust's stock after selling 6,309 shares during the quarter. Brown Advisory Inc. owned approximately 0.94% of EastGroup Properties worth $87,030,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its stake in shares of EastGroup Properties by 5.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 159,641 shares of the real estate investment trust's stock valued at $28,121,000 after purchasing an additional 8,701 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in EastGroup Properties during the first quarter worth $420,000. Bank of New York Mellon Corp boosted its stake in EastGroup Properties by 1.0% during the first quarter. Bank of New York Mellon Corp now owns 456,740 shares of the real estate investment trust's stock worth $80,455,000 after acquiring an additional 4,311 shares in the last quarter. OneDigital Investment Advisors LLC bought a new position in EastGroup Properties during the first quarter worth $216,000. Finally, Principal Financial Group Inc. boosted its stake in EastGroup Properties by 234.7% during the first quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock worth $215,267,000 after acquiring an additional 856,971 shares in the last quarter. 92.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EGP has been the topic of several research reports. Wells Fargo & Company lowered their price objective on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Truist Financial lowered their price objective 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. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Royal Bank Of Canada lowered their price objective on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $188.00.

EastGroup Properties Price Performance

EGP traded up $1.13 on Friday, reaching $167.87. The company had a trading volume of 440,637 shares, compared to its average volume of 383,395. The business has a 50 day simple moving average of $169.35 and a 200 day simple moving average of $169.22. The company has a market cap of $8.82 billion, a price-to-earnings ratio of 36.73, a P/E/G ratio of 3.72 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.12 and a current ratio of 0.12. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its 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. The company 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 34.60% and a return on equity of 7.41%. The firm's revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.98 earnings per share. As a group, sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties's dividend payout ratio (DPR) is 122.54%.

EastGroup Properties 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.