Rhumbline Advisers Has $27.77 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

Rhumbline Advisers boosted its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,664 shares of the real estate investment trust's stock after acquiring 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.

Several other institutional investors have also recently added to or reduced their stakes in EGP. Bank of New York Mellon Corp raised its holdings in shares of 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 worth $72,610,000 after purchasing an additional 23,626 shares during the period. BankPlus Trust Department acquired a new position in EastGroup Properties during the 4th quarter valued at about $1,871,000. Osterweis Capital Management Inc. increased its stake in EastGroup Properties by 2.2% during the 4th 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. Charles Schwab Investment Management Inc. increased its stake in EastGroup Properties by 1.7% during the 4th 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. Finally, Norges Bank acquired a new position in EastGroup Properties during the 4th quarter valued at about $100,579,000. 92.14% of the stock is owned by institutional investors and hedge funds.

EastGroup Properties Trading Up 1.5%

Shares of EGP traded up $2.49 during midday trading on Friday, hitting $171.40. The stock had a trading volume of 283,612 shares, compared to its average volume of 374,212. EastGroup Properties, Inc. has a fifty-two week low of $137.67 and a fifty-two week high of $192.61. The business has a 50-day simple moving average of $163.94 and a two-hundred day simple moving average of $168.99. The firm has a market cap of $9.00 billion, a P/E ratio of 36.86, a price-to-earnings-growth ratio of 3.35 and a beta of 1.02. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced 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 company had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. During the same period last year, the company posted $1.98 earnings per share. The business's revenue for the quarter was up 13.1% on a year-over-year basis. As a group, equities analysts forecast 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 will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Monday, June 30th. EastGroup Properties's payout ratio is 122.54%.

Analyst Ratings Changes

Several research firms have commented on EGP. Robert W. Baird lowered their target price on shares of EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Barclays lowered their target price on shares of 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. Evercore ISI raised their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research report on Thursday, April 24th. Piper Sandler reduced their price objective on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Royal Bank of Canada reduced their price objective 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. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, EastGroup Properties presently has a consensus rating of "Moderate Buy" and a consensus target price 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.