EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Lighthouse Investment Partners LLC

Lighthouse Investment Partners LLC trimmed its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 81.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,748 shares of the real estate investment trust's stock after selling 77,252 shares during the quarter. Lighthouse Investment Partners LLC's holdings in EastGroup Properties were worth $2,848,000 as of its most recent filing with the SEC.

A number of other institutional investors have 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 $29,000. Canton Hathaway LLC acquired a new stake in shares of EastGroup Properties during the fourth quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of EastGroup Properties by 503.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust's stock worth $58,000 after purchasing an additional 302 shares during the period. Principal Securities Inc. grew its position in shares of EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock worth $86,000 after acquiring an additional 84 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in EastGroup Properties in the 4th quarter valued at about $100,000. 92.14% of the stock is currently owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

NYSE:EGP traded up $2.41 during mid-day trading on Friday, hitting $173.18. 314,531 shares of the company traded hands, compared to its average volume of 371,687. The stock's fifty day moving average price is $166.54 and its 200-day moving average price is $169.46. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61. 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 firm has a market cap of $9.09 billion, a price-to-earnings ratio of 37.24, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05.

EastGroup Properties (NYSE:EGP - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The real estate investment trust reported $2.12 EPS for the quarter, topping 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 company had revenue of $174.45 million for the quarter, compared to the consensus estimate of $169.67 million. During the same period in the previous year, the business earned $1.98 earnings per share. The firm's revenue for the quarter was up 13.1% on a year-over-year basis. Research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $1.40 dividend. The ex-dividend date was Monday, March 31st. This represents a $5.60 annualized dividend and a yield of 3.23%. EastGroup Properties's dividend payout ratio (DPR) is currently 122.54%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com upgraded shares of EastGroup Properties from a "sell" rating to a "hold" rating in a report on Sunday, April 27th. Piper Sandler dropped 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. Royal Bank of Canada dropped their target price on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a research report on Tuesday, April 29th. Raymond James reiterated a "strong-buy" rating on shares of EastGroup Properties in a research note on Wednesday, May 7th. Finally, Truist Financial reduced their target price on shares of EastGroup Properties from $180.00 to $177.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Eight equities research 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 company's stock. According to data from MarketBeat, EastGroup Properties currently has a consensus rating of "Moderate Buy" and an average target price of $187.40.

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.