Silvercrest Asset Management Group LLC Cuts Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Silvercrest Asset Management Group LLC reduced its position in shares of EastGroup Properties, Inc. (NYSE:EGP - Free Report) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 approximately 0.33% of EastGroup Properties worth $26,109,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EGP. CIBC Asset Management Inc increased its stake in shares of EastGroup Properties by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust's stock valued at $234,000 after purchasing an additional 72 shares during the last quarter. Principal Securities Inc. grew its position in 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 acquiring an additional 84 shares during the last quarter. waypoint wealth counsel lifted its holdings in shares of EastGroup Properties by 1.9% in the fourth quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust's stock worth $867,000 after acquiring an additional 100 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of EastGroup Properties by 1.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust's stock valued at $1,612,000 after purchasing an additional 100 shares in the last quarter. Finally, US Bancorp DE grew its holdings in shares of EastGroup Properties by 1.4% during the 4th quarter. US Bancorp DE now owns 7,395 shares of the real estate investment trust's stock valued at $1,187,000 after purchasing an additional 102 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on EGP. Royal Bank of Canada dropped their price objective on shares of EastGroup Properties from $189.00 to $183.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 29th. Wells Fargo & Company lowered their price target on shares of EastGroup Properties from $199.00 to $187.00 and set an "overweight" rating for the company in a report on Monday. Piper Sandler dropped their price target on EastGroup Properties from $175.00 to $172.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Robert W. Baird cut their price objective on EastGroup Properties from $194.00 to $190.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Finally, Raymond James reaffirmed a "strong-buy" rating on shares of EastGroup Properties in a report on Wednesday, May 7th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $186.60.

EastGroup Properties Stock Down 0.3%

Shares of EastGroup Properties stock traded down $0.52 on Thursday, hitting $165.92. The company had a trading volume of 62,606 shares, compared to its average volume of 371,107. The stock has a market capitalization of $8.71 billion, a price-to-earnings ratio of 35.64, a P/E/G ratio of 3.35 and a beta of 1.05. 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, Inc. has a 1 year low of $137.67 and a 1 year high of $192.61. The stock has a 50 day moving average of $166.00 and a 200-day moving average of $169.42.

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 EPS for the quarter, beating 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 business had revenue of $174.45 million during the quarter, compared to analyst estimates of $169.67 million. During the same period in the prior year, the firm posted $1.98 EPS. EastGroup Properties's quarterly revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders 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 annualized dividend and a dividend yield of 3.38%. EastGroup Properties's dividend payout ratio is currently 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.