Vident Advisory LLC Trims Stake in EastGroup Properties, Inc. (NYSE:EGP)

Vident Advisory LLC lessened its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 40.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,755 shares of the real estate investment trust's stock after selling 5,165 shares during the quarter. Vident Advisory LLC's holdings in EastGroup Properties were worth $1,245,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in EGP. Vanguard Group Inc. lifted its stake in EastGroup Properties by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust's stock worth $1,121,978,000 after purchasing an additional 72,199 shares during the last quarter. Cohen & Steers Inc. lifted 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 last quarter. FMR LLC lifted 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 last quarter. T. Rowe Price Investment Management Inc. lifted 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 last quarter. Finally, Boston Partners lifted its position in shares of EastGroup Properties by 34.1% during the 4th quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock worth $169,533,000 after buying an additional 268,359 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

EastGroup Properties Trading Up 1.8%

EGP traded up $3.02 during midday trading on Thursday, reaching $171.48. 90,444 shares of the company's stock traded hands, compared to its average volume of 452,684. The firm has a fifty day moving average of $164.84 and a two-hundred day moving average of $169.16. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of 36.85, a P/E/G ratio of 3.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, beating analysts' consensus estimates of $2.11 by $0.01. The business had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. EastGroup Properties's quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.98 EPS. On average, equities analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal 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 dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.27%. EastGroup Properties's dividend payout ratio (DPR) is 122.54%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on EGP shares. Evercore ISI upped their price objective on EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. Piper Sandler lowered their target price on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company lowered their target price on EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Robert W. Baird lowered their target price on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Finally, Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, EastGroup Properties has a consensus rating of "Moderate Buy" and an average target price of $186.60.

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.