Retirement Systems of Alabama Buys 3,121 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Retirement Systems of Alabama boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,218 shares of the real estate investment trust's stock after acquiring an additional 3,121 shares during the quarter. Retirement Systems of Alabama owned about 0.12% of EastGroup Properties worth $11,136,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Principal Securities Inc. raised its holdings in shares of EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after purchasing an additional 84 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in EastGroup Properties by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust's stock worth $234,000 after buying an additional 72 shares in the last quarter. Venturi Wealth Management LLC grew its position in EastGroup Properties by 69.9% in the fourth quarter. Venturi Wealth Management LLC now owns 700 shares of the real estate investment trust's stock worth $112,000 after buying an additional 288 shares during the last quarter. BankPlus Trust Department bought a new position in shares of EastGroup Properties in the fourth quarter valued at $1,871,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of EastGroup Properties by 5.5% during the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock worth $72,610,000 after acquiring an additional 23,626 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on EGP shares. Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Barclays cut 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. Royal Bank Of Canada decreased their target price on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a report on Tuesday, April 29th. Evercore ISI boosted their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. Finally, Truist Financial reduced their price target on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $188.00.

EastGroup Properties Stock Up 0.4%

Shares of NYSE EGP traded up $0.63 during mid-day trading on Thursday, reaching $168.54. The company had a trading volume of 283,485 shares, compared to its average volume of 376,199. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.12 and a current ratio of 0.12. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61. The stock's 50 day moving average is $168.01 and its 200-day moving average is $168.99. The stock has a market capitalization of $8.85 billion, a PE ratio of 36.88, a price-to-earnings-growth ratio of 3.71 and a beta of 1.02.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.01. The company had revenue of $174.45 million for the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a return on equity of 7.41% and a net margin of 34.60%. The business's revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.98 EPS. As a group, equities analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a dividend of $1.40 per share. The ex-dividend date is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.32%. EastGroup Properties's dividend payout ratio is currently 122.54%.

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.