New York State Common Retirement Fund Lowers Position in EastGroup Properties, Inc. (NYSE:EGP)

New York State Common Retirement Fund cut its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 198,785 shares of the real estate investment trust's stock after selling 5,233 shares during the quarter. New York State Common Retirement Fund owned approximately 0.38% of EastGroup Properties worth $35,016,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of EGP. Cohen & Steers Inc. boosted its stake in 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 buying an additional 1,673,663 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of EastGroup Properties by 234.7% during the first quarter. Principal Financial Group Inc. now owns 1,222,064 shares of the real estate investment trust's stock valued at $215,267,000 after purchasing an additional 856,971 shares in the last quarter. Norges Bank acquired a new stake in shares of EastGroup Properties during the fourth quarter valued at about $100,579,000. Northern Trust Corp boosted its stake in shares of EastGroup Properties by 91.3% during 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 purchasing an additional 387,134 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in shares of EastGroup Properties by 24.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock valued at $226,888,000 after purchasing an additional 273,217 shares in the last quarter. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Trading Up 0.8%

EGP traded up $1.24 during trading on Wednesday, hitting $165.37. The company's stock had a trading volume of 531,528 shares, compared to its average volume of 385,041. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.43. The stock's fifty day moving average price is $169.36 and its 200-day moving average price is $169.25. The firm has a market capitalization of $8.69 billion, a P/E ratio of 36.19, a PEG ratio of 3.63 and a beta of 1.01.

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

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend was Monday, June 30th. EastGroup Properties's payout ratio is 122.54%.

Analysts Set New Price Targets

A number of analysts have recently commented on EGP shares. 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. Piper Sandler cut their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. 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 research note on Tuesday, April 29th. Barclays cut their price target on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company set a $215.00 price objective on EastGroup Properties and gave the stock an "overweight" rating in a research note on Sunday. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $190.00.

EastGroup Properties 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.