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

DigitalBridge Group Inc. boosted its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 8.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 53,813 shares of the real estate investment trust's stock after purchasing an additional 4,350 shares during the quarter. DigitalBridge Group Inc. owned about 0.10% of EastGroup Properties worth $8,636,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of EGP. Crowley Wealth Management Inc. purchased a new stake in EastGroup Properties during the 4th quarter valued at about $29,000. Canton Hathaway LLC purchased a new stake in EastGroup Properties during the 4th quarter valued at about $30,000. Principal Securities Inc. grew its position 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 valued at $86,000 after purchasing an additional 84 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in EastGroup Properties during the 4th quarter valued at about $100,000. Finally, Venturi Wealth Management LLC grew its position in EastGroup Properties by 69.9% during the 4th quarter. Venturi Wealth Management LLC now owns 700 shares of the real estate investment trust's stock valued at $112,000 after purchasing an additional 288 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock traded up $3.14 on Tuesday, hitting $167.96. 252,312 shares of the company's stock were exchanged, compared to its average volume of 373,077. The company has a 50-day simple moving average of $165.11 and a 200-day simple moving average of $169.18. The stock has a market capitalization of $8.82 billion, a PE ratio of 36.12, a PEG ratio of 3.35 and a beta of 1.05. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating analysts' consensus estimates of $2.11 by $0.01. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. The company had revenue of $174.45 million for the quarter, compared to analysts' expectations of $169.67 million. During the same quarter in the previous year, the company earned $1.98 EPS. EastGroup Properties's revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

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

Analyst Ratings Changes

EGP has been the topic of a number of recent analyst reports. Wells Fargo & Company dropped their price target 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 research report on Monday, May 5th. Barclays dropped their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Finally, Piper Sandler dropped their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $186.60.

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.