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Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

EastGroup Properties logo with Finance background

Mirae Asset Global Investments Co. Ltd. raised its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 211.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,237 shares of the real estate investment trust's stock after acquiring an additional 2,877 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in EastGroup Properties were worth $748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Bessemer Group Inc. boosted its stake in shares of EastGroup Properties by 31.9% during the first quarter. Bessemer Group Inc. now owns 447 shares of the real estate investment trust's stock worth $79,000 after buying an additional 108 shares during the period. Moran Wealth Management LLC boosted its stake in shares of EastGroup Properties by 1.1% during the first quarter. Moran Wealth Management LLC now owns 6,521 shares of the real estate investment trust's stock worth $1,149,000 after buying an additional 73 shares during the period. Asset Management One Co. Ltd. boosted its stake in shares of EastGroup Properties by 11.4% during the first quarter. Asset Management One Co. Ltd. now owns 103,569 shares of the real estate investment trust's stock worth $18,244,000 after buying an additional 10,630 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in shares of EastGroup Properties by 4.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 17,391 shares of the real estate investment trust's stock worth $3,063,000 after buying an additional 806 shares during the period. Finally, Ausbil Investment Management Ltd boosted its stake in shares of EastGroup Properties by 3.6% during the first quarter. Ausbil Investment Management Ltd now owns 15,072 shares of the real estate investment trust's stock worth $2,655,000 after buying an additional 522 shares during the period. Institutional investors and hedge funds own 92.14% of the company's stock.

EastGroup Properties Price Performance

Shares of EGP stock traded down $1.26 during midday trading on Wednesday, reaching $166.94. 359,745 shares of the company traded hands, compared to its average volume of 379,648. The firm's 50 day simple moving average is $169.28 and its two-hundred day simple moving average is $169.09. 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 0.43, a current ratio of 0.12 and a quick ratio of 0.12. The firm has a market cap of $8.77 billion, a PE ratio of 36.53, a price-to-earnings-growth ratio of 3.72 and a beta of 1.01.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.11 by $0.01. EastGroup Properties had a net margin of 34.60% and a return on equity of 7.41%. The company had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. During the same period last year, the firm earned $1.98 EPS. The company's revenue for the quarter was up 13.1% on a year-over-year basis. On average, equities research analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $1.40 per share. The ex-dividend date is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.35%. EastGroup Properties's dividend payout ratio (DPR) is 122.54%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on EGP. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Evercore ISI increased their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research note on Thursday, April 24th. Royal Bank Of Canada decreased 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 note on Tuesday, April 29th. Truist Financial cut their price target 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. Finally, Robert W. Baird cut their price target on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, EastGroup Properties presently has a consensus rating of "Moderate Buy" and an average price target of $188.00.

View Our Latest Research Report on EGP

EastGroup Properties Company Profile

(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.

Further Reading

Institutional Ownership by Quarter for EastGroup Properties (NYSE:EGP)

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