Employees Retirement System of Texas Buys 16,000 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Employees Retirement System of Texas lifted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 44.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 51,900 shares of the real estate investment trust's stock after acquiring an additional 16,000 shares during the quarter. Employees Retirement System of Texas owned approximately 0.10% of EastGroup Properties worth $8,329,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. CIBC Asset Management Inc boosted its stake in 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 worth $234,000 after purchasing an additional 72 shares during the period. Principal Securities Inc. boosted its stake in 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 during the period. waypoint wealth counsel boosted its stake in EastGroup Properties by 1.9% in the 4th quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust's stock worth $867,000 after purchasing an additional 100 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in shares of EastGroup Properties by 1.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust's stock worth $1,612,000 after acquiring an additional 100 shares in the last quarter. Finally, US Bancorp DE raised its holdings in shares of EastGroup Properties by 1.4% during the 4th quarter. US Bancorp DE now owns 7,395 shares of the real estate investment trust's stock worth $1,187,000 after acquiring an additional 102 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.

EastGroup Properties Trading Down 0.4%

NYSE:EGP traded down $0.74 during midday trading on Friday, hitting $169.84. 500,930 shares of the company traded hands, compared to its average volume of 375,674. The firm's fifty day moving average is $164.61 and its 200-day moving average is $169.10. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.61. The firm has a market capitalization of $8.92 billion, a P/E ratio of 36.52, a P/E/G ratio of 3.35 and a beta of 1.05. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, beating the consensus estimate of $2.11 by $0.01. The company had revenue of $174.45 million for the quarter, compared to the consensus estimate of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. EastGroup Properties's quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.98 EPS. On average, sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date is Monday, June 30th. EastGroup Properties's payout ratio is 122.54%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EGP. Barclays decreased 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. Raymond James reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Wells Fargo & Company decreased their price objective on 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 decreased their price objective on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Finally, Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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.