DigitalBridge Group Inc. Invests $1.57 Million in EastGroup Properties, Inc. $EGP

Key Points

• DigitalBridge Group acquired a new stake of 9,300 shares in EastGroup Properties (NYSE:EGP) in Q3, valued at approximately $1.57 million.
• EastGroup announced a quarterly dividend of $1.55 per share (annualized $6.20, ~3.2% yield) with an ex-dividend date/record date in late March/April, though the payout ratio is high at 127.31%.
• Analysts carry a consensus "Moderate Buy" rating with an average price target near $200.18; the company has a market cap around $10.18 billion and institutional ownership of ~92%.

DigitalBridge Group Inc. acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,300 shares of the real estate investment trust's stock, valued at approximately $1,574,000.

Other large investors have also recently added to or reduced their stakes in the company. Canton Hathaway LLC lifted its holdings in EastGroup Properties by 31.6% during the 3rd quarter. Canton Hathaway LLC now owns 250 shares of the real estate investment trust's stock worth $42,000 after buying an additional 60 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of EastGroup Properties by 1.9% in the second quarter. Cetera Investment Advisers now owns 3,668 shares of the real estate investment trust's stock worth $613,000 after acquiring an additional 68 shares in the last quarter. Virtus Investment Advisers LLC increased its position in shares of EastGroup Properties by 7.5% during the second quarter. Virtus Investment Advisers LLC now owns 999 shares of the real estate investment trust's stock worth $167,000 after acquiring an additional 70 shares during the period. Azzad Asset Management Inc. ADV raised its stake in shares of EastGroup Properties by 3.1% in the third quarter. Azzad Asset Management Inc. ADV now owns 2,361 shares of the real estate investment trust's stock valued at $400,000 after acquiring an additional 71 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of EastGroup Properties by 3.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,489 shares of the real estate investment trust's stock valued at $421,000 after acquiring an additional 77 shares in the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Up 0.5%

Shares of NYSE EGP opened at $190.90 on Wednesday. The business has a 50-day moving average of $187.72 and a two-hundred day moving average of $179.74. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 39.20, a price-to-earnings-growth ratio of 3.09 and a beta of 1.10. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $197.95. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.01 and a quick ratio of 0.01.

EastGroup Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, March 31st. This represents a $6.20 annualized dividend and a yield of 3.2%. EastGroup Properties's payout ratio is presently 127.31%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on EGP shares. Weiss Ratings reissued a "buy (b-)" rating on shares of EastGroup Properties in a research note on Monday, December 29th. Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Saturday, March 7th. Barclays upgraded shares of EastGroup Properties from an "equal weight" rating to an "overweight" rating in a research note on Thursday, December 4th. Robert W. Baird set a $203.00 target price on shares of EastGroup Properties in a report on Wednesday, February 11th. Finally, Cantor Fitzgerald boosted their price target on shares of EastGroup Properties from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average 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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