Vision Capital Corp trimmed its position in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 20.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,000 shares of the real estate investment trust's stock after selling 20,000 shares during the quarter. EastGroup Properties comprises 3.1% of Vision Capital Corp's investment portfolio, making the stock its 7th biggest position. Vision Capital Corp owned 0.15% of EastGroup Properties worth $13,740,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Nuveen LLC acquired a new stake in shares of EastGroup Properties during the first quarter worth about $190,456,000. Principal Financial Group Inc. increased its stake in 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 worth $215,267,000 after buying an additional 856,971 shares during the period. Northern Trust Corp lifted its holdings in EastGroup Properties by 91.3% during the 4th quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust's stock worth $130,189,000 after buying an additional 387,134 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in EastGroup Properties during the 1st quarter worth approximately $52,065,000. Finally, T. Rowe Price Investment Management Inc. boosted its position in EastGroup Properties by 24.0% in 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 buying an additional 273,217 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several brokerages have commented on EGP. Wells Fargo & Company set a $215.00 price target on shares of EastGroup Properties and gave the company an "overweight" rating in a research report on Sunday, July 13th. Raymond James Financial reissued a "strong-buy" rating on shares of EastGroup Properties in a research report on Wednesday, May 7th. Robert W. Baird decreased their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Finally, Royal Bank Of Canada decreased their price target on shares of EastGroup Properties from $183.00 to $182.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 29th. Seven 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. According to data from MarketBeat, EastGroup Properties presently has an average rating of "Moderate Buy" and a consensus price target of $189.31.
View Our Latest Analysis on EGP
EastGroup Properties Stock Up 0.4%
Shares of NYSE:EGP traded up $0.66 during trading hours on Friday, reaching $162.56. The stock had a trading volume of 467,063 shares, compared to its average volume of 412,550. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.21. The firm's 50 day moving average is $166.98 and its 200-day moving average is $169.41. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.16 and a current ratio of 0.16. The stock has a market capitalization of $8.67 billion, a price-to-earnings ratio of 35.11, a P/E/G ratio of 3.30 and a beta of 0.98.
EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The real estate investment trust reported $2.21 EPS for the quarter, beating analysts' consensus estimates of $2.20 by $0.01. The firm had revenue of $177.29 million for the quarter, compared to the consensus estimate of $175.80 million. EastGroup Properties had a net margin of 34.85% and a return on equity of 7.29%. The company's revenue was up 11.4% on a year-over-year basis. During the same period last year, the firm posted $2.05 EPS. Research analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.
EastGroup Properties Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Monday, June 30th. EastGroup Properties's dividend payout ratio (DPR) is 120.95%.
EastGroup Properties Profile
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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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