Concurrent Investment Advisors LLC acquired a new stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,384 shares of the real estate investment trust's stock, valued at approximately $420,000.
A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of EastGroup Properties by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust's stock valued at $1,121,978,000 after acquiring an additional 72,199 shares during the period. Cohen & Steers Inc. grew its position in shares of EastGroup Properties by 141.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock valued at $458,347,000 after acquiring an additional 1,673,663 shares during the period. FMR LLC grew its position in shares of EastGroup Properties by 1.4% during the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust's stock valued at $253,496,000 after acquiring an additional 21,432 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of EastGroup Properties by 24.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock valued at $226,888,000 after acquiring an additional 273,217 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of EastGroup Properties by 234.7% during the 1st quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock valued at $215,267,000 after acquiring an additional 856,971 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on EGP. Robert W. Baird lowered their price objective on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Evercore ISI lifted their price objective on EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a report on Thursday, April 24th. Wells Fargo & Company lowered their price objective on EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Finally, Barclays lowered their price objective on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $188.00.
Read Our Latest Stock Report on EGP
EastGroup Properties Trading Up 0.1%
Shares of EGP stock traded up $0.21 during trading on Monday, hitting $168.21. 479,324 shares of the stock traded hands, compared to its average volume of 434,662. The firm has a market capitalization of $8.83 billion, a P/E ratio of 36.81, a price-to-earnings-growth ratio of 3.72 and a beta of 1.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.12 and a quick ratio of 0.12. The firm's fifty day moving average price is $169.35 and its 200-day moving average price is $169.27. 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 released its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS 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 analyst estimates of $169.67 million. EastGroup Properties had a net margin of 34.60% and a return on equity of 7.41%. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.98 EPS. As a group, 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. Stockholders of record on Monday, June 30th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Monday, June 30th. EastGroup Properties's payout ratio is presently 122.54%.
About EastGroup Properties
(
Free Report)
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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