Silvercrest Asset Management Group LLC Sells 2,579 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Silvercrest Asset Management Group LLC cut its holdings in EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 162,682 shares of the real estate investment trust's stock after selling 2,579 shares during the period. Silvercrest Asset Management Group LLC owned 0.33% of EastGroup Properties worth $26,109,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on EGP. Piper Sandler decreased their price objective on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Robert W. Baird cut their price target on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Royal Bank of Canada cut their price target on EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 29th. Wells Fargo & Company cut their target price on EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating on the stock in a research note on Monday. Finally, Evercore ISI boosted their price objective on shares of EastGroup Properties from $179.00 to $180.00 and gave the company an "in-line" rating in a report on Thursday, April 24th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, EastGroup Properties has an average rating of "Moderate Buy" and an average target price of $186.60.

EastGroup Properties Stock Down 1.0%

Shares of EGP traded down $1.66 during midday trading on Tuesday, hitting $171.04. The stock had a trading volume of 243,002 shares, compared to its average volume of 371,962. The company has a 50 day simple moving average of $166.37 and a two-hundred day simple moving average of $169.43. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61. The firm has a market cap of $8.98 billion, a price-to-earnings ratio of 36.78, a price-to-earnings-growth ratio of 3.35 and a beta of 1.05. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12.

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

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.27%. The ex-dividend date was Monday, March 31st. EastGroup Properties's dividend payout ratio is 122.54%.

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.