Rhumbline Advisers Grows Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Rhumbline Advisers lifted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 3.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,664 shares of the real estate investment trust's stock after purchasing an additional 5,869 shares during the period. Rhumbline Advisers owned 0.30% of EastGroup Properties worth $27,772,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in EastGroup Properties by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust's stock valued at $1,121,978,000 after buying an additional 72,199 shares during the period. Cohen & Steers Inc. grew its position in shares of EastGroup Properties by 141.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,855,920 shares of the real estate investment trust's stock worth $458,347,000 after buying an additional 1,673,663 shares during the period. FMR LLC grew its position in shares of EastGroup Properties by 1.4% during the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust's stock worth $253,496,000 after buying an additional 21,432 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of EastGroup Properties by 24.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,413,716 shares of the real estate investment trust's stock worth $226,888,000 after buying an additional 273,217 shares during the period. Finally, Boston Partners increased its stake in shares of EastGroup Properties by 34.1% in the 4th quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock valued at $169,533,000 after acquiring an additional 268,359 shares in the last quarter. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Stock Up 0.4%

EGP stock traded up $0.72 during mid-day trading on Monday, reaching $171.91. 276,505 shares of the company traded hands, compared to its average volume of 373,748. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 36.97, a P/E/G ratio of 3.35 and a beta of 1.02. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $192.61. The firm's 50 day moving average price is $163.94 and its 200 day moving average price is $168.98.

EastGroup Properties (NYSE:EGP - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $174.45 million during the quarter, compared to the consensus estimate of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. The company's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.98 earnings per share. As a group, equities research analysts predict that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.26%. The ex-dividend date is Monday, June 30th. EastGroup Properties's dividend payout ratio (DPR) is presently 122.54%.

Analyst Ratings Changes

Several brokerages recently issued reports on EGP. Piper Sandler cut their target price on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Raymond James reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Wall Street Zen raised shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Truist Financial reduced their target price on EastGroup Properties from $180.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, Barclays dropped 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. Seven equities research 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 company's stock. According to data from MarketBeat, EastGroup Properties presently has a consensus rating of "Moderate Buy" and an average price target of $188.00.

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.