Daiwa Securities Group Inc. Sells 5,673 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Daiwa Securities Group Inc. lowered its stake in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 2.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 236,043 shares of the real estate investment trust's stock after selling 5,673 shares during the quarter. Daiwa Securities Group Inc. owned 0.51% of EastGroup Properties worth $43,323,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EGP. Venturi Wealth Management LLC increased its stake in shares of EastGroup Properties by 51.6% during the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 66 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in EastGroup Properties by 0.7% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 10,087 shares of the real estate investment trust's stock worth $1,680,000 after purchasing an additional 67 shares during the period. MML Investors Services LLC grew its stake in EastGroup Properties by 2.4% in the first quarter. MML Investors Services LLC now owns 2,844 shares of the real estate investment trust's stock worth $470,000 after purchasing an additional 68 shares during the period. CWM LLC grew its stake in EastGroup Properties by 5.4% in the third quarter. CWM LLC now owns 1,396 shares of the real estate investment trust's stock worth $232,000 after purchasing an additional 71 shares during the period. Finally, Baker Avenue Asset Management LP grew its stake in EastGroup Properties by 18.2% in the third quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust's stock worth $78,000 after purchasing an additional 72 shares during the period. Institutional investors own 92.14% of the company's stock.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of the company's stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares of the company's stock, valued at $18,752,230.58. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.50% of the company's stock.

EastGroup Properties Stock Performance

Shares of NYSE:EGP traded down $4.32 during midday trading on Wednesday, reaching $162.02. 632,491 shares of the company's stock traded hands, compared to its average volume of 276,527. The company has a market cap of $7.78 billion, a price-to-earnings ratio of 36.73, a P/E/G ratio of 2.67 and a beta of 0.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $188.85. The stock has a 50 day moving average of $178.63 and a 200 day moving average of $175.46.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties's payout ratio is currently 115.19%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on EGP shares. KeyCorp upped their price target on EastGroup Properties from $188.00 to $198.00 and gave the stock an "overweight" rating in a research note on Monday, February 12th. Royal Bank of Canada upped their price target on EastGroup Properties from $180.00 to $190.00 and gave the stock a "sector perform" rating in a research note on Friday, February 16th. Truist Financial upped their price target on EastGroup Properties from $186.00 to $188.00 and gave the stock a "hold" rating in a research note on Tuesday, February 20th. Mizuho reaffirmed a "neutral" rating and issued a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. initiated coverage on EastGroup Properties in a research note on Thursday, April 11th. They issued a "neutral" rating and a $190.00 target price on the stock. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $188.36.

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.

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