Franklin Resources Inc. Sells 15,089 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Franklin Resources Inc. lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 30.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 34,008 shares of the real estate investment trust’s stock after selling 15,089 shares during the quarter. Franklin Resources Inc.’s holdings in EastGroup Properties were worth $5,458,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of EastGroup Properties by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,990,950 shares of the real estate investment trust’s stock valued at $1,121,978,000 after purchasing an additional 72,199 shares in the last quarter. Boston Partners boosted its holdings in shares of EastGroup Properties by 34.1% during the 4th quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust’s stock worth $169,533,000 after buying an additional 268,359 shares in the last quarter. Geode Capital Management LLC grew its position in shares of EastGroup Properties by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust’s stock worth $168,032,000 after buying an additional 10,435 shares during the period. Raymond James Financial Inc. bought a new stake in shares of EastGroup Properties in the 4th quarter valued at $116,756,000. Finally, Daiwa Securities Group Inc. lifted its position in shares of EastGroup Properties by 210.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust’s stock valued at $113,584,000 after acquiring an additional 479,873 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Performance

EGP stock opened at $152.36 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The firm has a market cap of $7.93 billion, a PE ratio of 32.77, a P/E/G ratio of 3.35 and a beta of 0.94. The business has a 50 day moving average of $175.02 and a 200-day moving average of $172.45. EastGroup Properties, Inc. has a 12-month low of $137.67 and a 12-month high of $192.61.

EastGroup Properties (NYSE:EGP) last announced its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, beating 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%. As a group, sell-side analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s payout ratio is 120.43%.

Wall Street Analyst Weigh In

Several research firms have weighed in on EGP. Truist Financial raised shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Thursday. Robert W. Baird upped their price target on EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft began coverage on EastGroup Properties in a research note on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price objective for the company. Evercore ISI reiterated an “in-line” rating and issued a $185.00 target price (up from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Finally, StockNews.com lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Monday, March 31st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and a consensus price target of $189.00.

About EastGroup Properties

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.