EastGroup Properties, Inc. (NYSE:EGP) Stock Position Raised by Wellington Management Group LLP

Wellington Management Group LLP lifted its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 44.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 253,796 shares of the real estate investment trust's stock after buying an additional 77,800 shares during the period. Wellington Management Group LLP owned 0.49% of EastGroup Properties worth $40,732,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Crowley Wealth Management Inc. bought a new stake in shares of EastGroup Properties during the 4th quarter valued at about $29,000. Canton Hathaway LLC bought a new position in EastGroup Properties in the 4th quarter worth about $30,000. Principal Securities Inc. grew its position in EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after purchasing an additional 84 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in EastGroup Properties in the 4th quarter worth about $100,000. Finally, Venturi Wealth Management LLC grew its position in EastGroup Properties by 69.9% in the 4th quarter. Venturi Wealth Management LLC now owns 700 shares of the real estate investment trust's stock worth $112,000 after purchasing an additional 288 shares during the last quarter. Institutional investors own 92.14% of the company's stock.

EastGroup Properties Price Performance

EGP stock traded down $0.65 on Wednesday, hitting $168.98. 97,466 shares of the company's stock traded hands, compared to its average volume of 373,384. EastGroup Properties, Inc. has a 1-year low of $137.67 and a 1-year high of $192.61. The stock has a market cap of $8.87 billion, a price-to-earnings ratio of 36.34, a P/E/G ratio of 3.35 and a beta of 1.02. The stock has a fifty day moving average of $164.33 and a 200-day moving average of $169.04. 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 released its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, beating 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 business had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. During the same period in the prior year, the business earned $1.98 earnings per share. The business's quarterly revenue was up 13.1% on a year-over-year basis. On average, analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a $1.40 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $5.60 annualized dividend and a dividend yield of 3.31%. EastGroup Properties's dividend payout ratio (DPR) is presently 122.54%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Piper Sandler decreased their target price 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. Royal Bank of Canada decreased their target price 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. Evercore ISI upped their target price on shares of EastGroup Properties from $179.00 to $180.00 and gave the stock an "in-line" rating in a research report on Thursday, April 24th. Wall Street Zen upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a research report on Sunday, April 27th. Finally, Barclays decreased their target price on shares of EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 30th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, EastGroup Properties currently has an average 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.