EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by Pinebridge Investments L.P.

Pinebridge Investments L.P. lifted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 33.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,609 shares of the real estate investment trust's stock after purchasing an additional 5,408 shares during the period. Pinebridge Investments L.P.'s holdings in EastGroup Properties were worth $3,468,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Crowley Wealth Management Inc. acquired a new position in shares of EastGroup Properties during the fourth quarter valued at approximately $29,000. Canton Hathaway LLC acquired a new stake in EastGroup Properties during the 4th quarter worth $30,000. Thurston Springer Miller Herd & Titak Inc. grew 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 buying an additional 302 shares in the last quarter. Principal Securities Inc. raised its position in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust's stock valued at $86,000 after buying an additional 84 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in shares of EastGroup Properties by 18.7% in the fourth quarter. Versant Capital Management Inc now owns 602 shares of the real estate investment trust's stock worth $97,000 after buying an additional 95 shares in the last quarter. Institutional investors and hedge funds own 92.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on EGP shares. Raymond James set a $190.00 target price on EastGroup Properties and gave the stock a "strong-buy" rating in a research note on Monday, April 14th. Piper Sandler dropped their price target on shares of EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Truist Financial upgraded EastGroup Properties from a "hold" rating to a "buy" rating and set a $180.00 price objective on the stock in a research note on Thursday, April 10th. Barclays lowered their target price on EastGroup Properties from $193.00 to $182.00 and set an "equal weight" rating for the company in a research note on Wednesday. Finally, Evercore ISI increased their price target on EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a research report on Thursday, April 24th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $186.94.

EastGroup Properties Price Performance

NYSE:EGP traded down $0.56 during trading hours on Thursday, hitting $162.87. The company's stock had a trading volume of 61,985 shares, compared to its average volume of 368,943. 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. The business's 50-day moving average is $170.07 and its two-hundred day moving average is $170.39. The company has a market capitalization of $8.55 billion, a PE ratio of 35.01, a PEG ratio of 3.35 and a beta of 0.94.

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

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties's dividend payout ratio is presently 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.