LPL Financial LLC increased its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 15.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,294 shares of the real estate investment trust's stock after buying an additional 1,810 shares during the period. LPL Financial LLC's holdings in EastGroup Properties were worth $2,134,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in EastGroup Properties during the 4th quarter worth approximately $116,756,000. Daiwa Securities Group Inc. increased its holdings in EastGroup Properties by 210.6% in the fourth quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust's stock valued at $113,584,000 after buying an additional 479,873 shares during the last quarter. Boston Partners raised its stake in EastGroup Properties by 34.1% in the fourth quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust's stock valued at $169,533,000 after buying an additional 268,359 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in EastGroup Properties by 50.9% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 517,770 shares of the real estate investment trust's stock worth $83,098,000 after buying an additional 174,630 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC acquired a new position in shares of EastGroup Properties during the 4th quarter worth about $8,606,000. Institutional investors and hedge funds own 92.14% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on EGP shares. Evercore ISI reaffirmed an "in-line" rating and issued a $185.00 price target (up from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Truist Financial raised shares of EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 target price on the stock in a research report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of EastGroup Properties in a research report on Tuesday, January 14th. They issued a "buy" rating and a $180.00 price target for the company. Raymond James set a $190.00 price objective on EastGroup Properties and gave the stock a "strong-buy" rating in a report on Monday, April 14th. Finally, Piper Sandler dropped their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $188.24.
View Our Latest Stock Report on EastGroup Properties
EastGroup Properties Stock Performance
EGP traded up $1.63 during trading on Friday, reaching $159.69. The company's stock had a trading volume of 332,278 shares, compared to its average volume of 366,416. The company has a market capitalization of $8.35 billion, a price-to-earnings ratio of 34.34, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. The company's fifty day moving average price is $172.99 and its 200-day moving average price is $171.27. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.
EastGroup Properties (NYSE:EGP - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. On average, equities analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.
EastGroup Properties Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.40 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.51%. EastGroup Properties's dividend payout ratio (DPR) is presently 120.43%.
About EastGroup Properties
(
Free Report)
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.
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