EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 5.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,218 shares of the real estate investment trust's stock after purchasing an additional 3,121 shares during the period. Retirement Systems of Alabama owned approximately 0.12% of EastGroup Properties worth $11,136,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Bar Harbor Wealth Management grew its holdings in EastGroup Properties by 0.3% during the 1st quarter. Bar Harbor Wealth Management now owns 23,344 shares of the real estate investment trust's stock worth $4,112,000 after acquiring an additional 66 shares in the last quarter. Optas LLC boosted its holdings in shares of EastGroup Properties by 5.1% in the 1st quarter. Optas LLC now owns 1,397 shares of the real estate investment trust's stock valued at $246,000 after buying an additional 68 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of EastGroup Properties by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust's stock valued at $234,000 after buying an additional 72 shares during the period. Cyndeo Wealth Partners LLC boosted its holdings in shares of EastGroup Properties by 3.6% in the 1st quarter. Cyndeo Wealth Partners LLC now owns 2,264 shares of the real estate investment trust's stock valued at $399,000 after buying an additional 78 shares during the period. Finally, Principal Securities Inc. boosted 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 valued at $86,000 after buying an additional 84 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Trading Up 0.5%

Shares of EGP stock opened at $171.87 on Monday. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.61. The company has a market capitalization of $9.03 billion, a P/E ratio of 37.61, a P/E/G ratio of 3.79 and a beta of 1.02. The firm has a 50-day moving average price of $166.95 and a 200 day moving average price of $168.97. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.43.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.01. EastGroup Properties had a net margin of 34.60% and a return on equity of 7.41%. The firm had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. During the same quarter last year, the company posted $1.98 EPS. The company's quarterly revenue was up 13.1% compared to the same quarter last year. Research analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Monday, June 30th. EastGroup Properties's payout ratio is currently 122.54%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on EGP shares. Barclays decreased their price objective on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Robert W. Baird decreased their price objective on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Evercore ISI increased their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research note on Thursday, April 24th. Royal Bank Of Canada cut 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 research note on Tuesday, April 29th. Finally, Wells Fargo & Company cut their target price on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating for the company in a research note on Monday, May 19th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $188.00.

About EastGroup Properties

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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