Millennium Management LLC Sells 220,867 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Millennium Management LLC lowered its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 55.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 178,406 shares of the real estate investment trust's stock after selling 220,867 shares during the quarter. Millennium Management LLC owned about 0.36% of EastGroup Properties worth $28,632,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of EGP. Cohen & Steers Inc. boosted its position in shares of EastGroup Properties by 141.6% in the fourth quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock valued at $458,347,000 after acquiring an additional 1,673,663 shares during the period. Raymond James Financial Inc. bought a new stake in shares of EastGroup Properties in the fourth quarter valued at approximately $116,756,000. Norges Bank bought a new stake in shares of EastGroup Properties in the fourth quarter valued at approximately $100,579,000. Daiwa Securities Group Inc. boosted its position in shares of EastGroup Properties by 210.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust's stock valued at $113,584,000 after acquiring an additional 479,873 shares during the period. Finally, Northern Trust Corp boosted its position in shares of EastGroup Properties by 91.3% in the fourth quarter. Northern Trust Corp now owns 811,196 shares of the real estate investment trust's stock valued at $130,189,000 after acquiring an additional 387,134 shares during the period. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Price Performance

EastGroup Properties stock traded down $1.30 during mid-day trading on Friday, hitting $164.69. 301,646 shares of the company were exchanged, compared to its average volume of 373,562. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The business has a fifty day moving average of $165.40 and a 200 day moving average of $169.29. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The company has a market capitalization of $8.65 billion, a PE ratio of 35.42, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The firm had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. During the same period in the prior year, the company posted $1.98 earnings per share. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $5.60 annualized dividend and a yield of 3.40%. EastGroup Properties's dividend payout ratio is currently 122.54%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Piper Sandler reduced their price objective on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Royal Bank of Canada reduced their price objective on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Robert W. Baird cut their target price on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Truist Financial cut their target price on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, Wells Fargo & Company cut their target price on EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating for the company in a research note on Monday, May 19th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $186.60.

EastGroup Properties Company 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.