Millennium Management LLC lessened its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 55.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,406 shares of the real estate investment trust's stock after selling 220,867 shares during the quarter. Millennium Management LLC owned approximately 0.36% of EastGroup Properties worth $28,632,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently added to or reduced their stakes in EGP. Crowley Wealth Management Inc. purchased a new stake in shares of EastGroup Properties during the fourth quarter worth about $29,000. Canton Hathaway LLC acquired a new stake in EastGroup Properties during the fourth quarter worth approximately $30,000. Principal Securities Inc. boosted its position in EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after acquiring an additional 84 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in EastGroup Properties in the 4th quarter worth approximately $100,000. Finally, Venturi Wealth Management LLC grew its stake in EastGroup Properties by 69.9% in the 4th quarter. Venturi Wealth Management LLC now owns 700 shares of the real estate investment trust's stock worth $112,000 after acquiring an additional 288 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on EGP shares. Robert W. Baird decreased their price objective on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Barclays lowered their price target on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Raymond James reiterated a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Finally, Truist Financial lowered their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a report on Monday, May 5th. Eight 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $186.60.
View Our Latest Research Report on EastGroup Properties
EastGroup Properties Stock Down 0.3%
EastGroup Properties stock traded down $0.51 during midday trading on Thursday, hitting $165.93. 243,627 shares of the stock were exchanged, compared to its average volume of 371,797. EastGroup Properties, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market cap of $8.71 billion, a P/E ratio of 35.68, a P/E/G ratio of 3.35 and a beta of 1.05. The company has a 50 day moving average price of $166.00 and a two-hundred day moving average price of $169.42.
EastGroup Properties (NYSE:EGP - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.11 by $0.01. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The business had revenue of $174.45 million for the quarter, compared to analyst estimates of $169.67 million. During the same period in the previous year, the company earned $1.98 earnings per share. The company's revenue for the quarter was up 13.1% compared to the same quarter last year. On average, sell-side analysts predict that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.
EastGroup Properties Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Monday, March 31st. EastGroup Properties's payout ratio is 122.54%.
About EastGroup Properties
(
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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