Lazard Asset Management LLC reduced its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 44.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,763 shares of the real estate investment trust's stock after selling 5,321 shares during the period. Lazard Asset Management LLC's holdings in EastGroup Properties were worth $1,084,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Janus Henderson Group PLC lifted its holdings in EastGroup Properties by 2.2% during the fourth quarter. Janus Henderson Group PLC now owns 396,434 shares of the real estate investment trust's stock worth $63,657,000 after acquiring an additional 8,462 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in EastGroup Properties during the fourth quarter worth about $433,000. Hudson Bay Capital Management LP lifted its holdings in EastGroup Properties by 97.0% during the fourth quarter. Hudson Bay Capital Management LP now owns 197,562 shares of the real estate investment trust's stock worth $31,707,000 after acquiring an additional 97,298 shares in the last quarter. Focus Partners Wealth lifted its holdings in EastGroup Properties by 36.0% during the fourth quarter. Focus Partners Wealth now owns 5,973 shares of the real estate investment trust's stock worth $959,000 after acquiring an additional 1,580 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its holdings in EastGroup Properties by 16.5% during the fourth quarter. Ensign Peak Advisors Inc now owns 19,145 shares of the real estate investment trust's stock worth $3,073,000 after acquiring an additional 2,715 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts have weighed in on EGP shares. Wells Fargo & Company reduced their target price on EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Robert W. Baird reduced their target price on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Evercore ISI lifted their price target on EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research note on Thursday, April 24th. Wall Street Zen upgraded EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Finally, Royal Bank of Canada cut their price target on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Eight 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 company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $186.60.
Read Our Latest Report on EastGroup Properties
EastGroup Properties Stock Down 0.8%
EGP traded down $1.30 on Friday, hitting $164.69. 301,646 shares of the company were exchanged, compared to its average volume of 373,562. EastGroup Properties, Inc. has a 12 month low of $137.67 and a 12 month high of $192.61. The company has a market cap of $8.65 billion, a PE ratio of 35.42, a PEG ratio of 3.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The stock's fifty day moving average is $165.40 and its 200-day moving average is $169.26.
EastGroup Properties (NYSE:EGP - Get Free Report) last released its earnings results 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 business had revenue of $174.45 million for the quarter, compared to analyst estimates of $169.67 million. During the same quarter in the prior year, the company posted $1.98 earnings per share. EastGroup Properties's revenue was up 13.1% on a year-over-year basis. Equities research analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.
EastGroup Properties Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued 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 payout ratio is presently 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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