Jane Street Group LLC Sells 24,332 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Jane Street Group LLC trimmed its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 86.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,875 shares of the real estate investment trust's stock after selling 24,332 shares during the period. Jane Street Group LLC's holdings in EastGroup Properties were worth $622,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in EastGroup Properties by 5.5% during the fourth quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust's stock valued at $72,610,000 after buying an additional 23,626 shares during the period. BankPlus Trust Department bought a new stake in EastGroup Properties during the fourth quarter valued at approximately $1,871,000. Ausbil Investment Management Ltd grew its position in EastGroup Properties by 116.0% during the fourth quarter. Ausbil Investment Management Ltd now owns 14,550 shares of the real estate investment trust's stock valued at $2,342,000 after buying an additional 7,813 shares during the period. Osterweis Capital Management Inc. grew its position in EastGroup Properties by 2.2% during the fourth quarter. Osterweis Capital Management Inc. now owns 209,820 shares of the real estate investment trust's stock valued at $33,674,000 after buying an additional 4,484 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in EastGroup Properties by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 650,612 shares of the real estate investment trust's stock valued at $104,417,000 after buying an additional 10,812 shares during the period. 92.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. 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 report on Tuesday, April 29th. Barclays cut their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Evercore ISI upped their price target on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. Truist Financial dropped 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. Finally, Wells Fargo & Company dropped their price target on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, EastGroup Properties presently has an average rating of "Moderate Buy" and a consensus target price of $186.60.

EastGroup Properties Price Performance

Shares of EGP stock traded down $0.87 during mid-day trading on Friday, hitting $169.71. The company had a trading volume of 157,357 shares, compared to its average volume of 373,438. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61. The stock's 50 day moving average price is $164.72 and its 200-day moving average price is $169.13. 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 company has a market capitalization of $8.91 billion, a P/E ratio of 36.48, a P/E/G ratio of 3.35 and a beta of 1.05.

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

EastGroup Properties Dividend Announcement

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

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.