Voloridge Investment Management LLC Sells 28,702 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Voloridge Investment Management LLC cut its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 15.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 152,554 shares of the real estate investment trust's stock after selling 28,702 shares during the quarter. Voloridge Investment Management LLC owned 0.31% of EastGroup Properties worth $24,483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Crowley Wealth Management Inc. purchased a new position in shares of EastGroup Properties in the fourth quarter valued at about $29,000. Canton Hathaway LLC bought a new stake in shares of EastGroup Properties in the fourth quarter worth about $30,000. Principal Securities Inc. increased its holdings in EastGroup Properties by 18.5% during the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock valued at $86,000 after purchasing an additional 84 shares during the period. Aster Capital Management DIFC Ltd bought a new position in EastGroup Properties during the 4th quarter valued at approximately $100,000. Finally, Venturi Wealth Management LLC raised its position in EastGroup Properties by 69.9% during the 4th quarter. Venturi Wealth Management LLC now owns 700 shares of the real estate investment trust's stock valued at $112,000 after purchasing an additional 288 shares during the last quarter. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EGP has been the topic of several research analyst reports. Wall Street Zen raised EastGroup Properties from a "sell" rating to a "hold" rating in a research note on Sunday, April 27th. Wells Fargo & Company reduced their price objective on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating on the stock in a research report on Monday, May 19th. Robert W. Baird cut 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. Piper Sandler reduced their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Finally, Raymond James reissued a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $186.60.

EastGroup Properties Stock Up 1.2%

Shares of EGP stock traded up $1.95 during trading hours on Tuesday, hitting $166.77. 53,722 shares of the company's stock traded hands, compared to its average volume of 372,301. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The stock's fifty day simple moving average is $165.11 and its two-hundred day simple moving average is $169.18. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.61. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 35.87, a PEG ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP - Get Free Report) last announced its quarterly earnings data 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 return on equity of 7.89% and a net margin of 35.57%. The business had revenue of $174.45 million during the quarter, compared to analysts' expectations of $169.67 million. During the same quarter in the previous year, the business earned $1.98 earnings per share. The firm's quarterly revenue was up 13.1% compared to the same quarter last year. On average, analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.36%. The ex-dividend date is Monday, June 30th. EastGroup Properties's dividend payout ratio (DPR) is 122.54%.

EastGroup Properties Company 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.