DigitalBridge Group Inc. Purchases 4,350 Shares of EastGroup Properties, Inc. (NYSE:EGP)

DigitalBridge Group Inc. grew its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 8.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 53,813 shares of the real estate investment trust's stock after acquiring an additional 4,350 shares during the period. DigitalBridge Group Inc. owned about 0.10% of EastGroup Properties worth $8,636,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Crowley Wealth Management Inc. bought a new stake in EastGroup Properties during the fourth quarter valued at about $29,000. Canton Hathaway LLC acquired a new stake in EastGroup Properties during the 4th quarter worth $30,000. Principal Securities Inc. grew its holdings in EastGroup Properties by 18.5% during the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after acquiring an additional 84 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of EastGroup Properties in the 4th quarter valued at $100,000. Finally, Venturi Wealth Management LLC grew its holdings in shares of EastGroup Properties by 69.9% in the 4th quarter. Venturi Wealth Management LLC now owns 700 shares of the real estate investment trust's stock valued at $112,000 after buying an additional 288 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Stock Up 0.2%

NYSE:EGP traded up $0.34 on Wednesday, hitting $168.26. 242,863 shares of the company's stock were exchanged, compared to its average volume of 372,558. The firm has a 50-day moving average price of $164.94 and a 200-day moving average price of $169.17. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61. The company has a market cap of $8.84 billion, a P/E ratio of 36.19, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued 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 35.57% and a return on equity of 7.89%. The firm had revenue of $174.45 million for the quarter, compared to analysts' expectations of $169.67 million. During the same period in the previous year, the firm posted $1.98 EPS. The company's revenue for the quarter was up 13.1% on a year-over-year basis. As a group, analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The company 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 is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.33%. EastGroup Properties's payout ratio is 122.54%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on EGP shares. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Piper Sandler reduced their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Raymond James reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Robert W. Baird reduced their target price on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Evercore ISI upped their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research note on Thursday, April 24th. Eight 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, EastGroup Properties presently has an average rating of "Moderate Buy" and a consensus price target of $186.60.

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.