EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by FIL Ltd

FIL Ltd boosted its position in EastGroup Properties, Inc. (NYSE:EGP) by 6,635.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 20,341 shares of the real estate investment trust’s stock after acquiring an additional 20,039 shares during the quarter. FIL Ltd’s holdings in EastGroup Properties were worth $3,265,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EGP. Crowley Wealth Management Inc. purchased a new position in EastGroup Properties in the fourth quarter valued at about $29,000. Canton Hathaway LLC acquired a new position in shares of EastGroup Properties in the 4th quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of EastGroup Properties by 503.3% during 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 buying an additional 302 shares during the last quarter. Principal Securities Inc. grew its position in shares of EastGroup Properties by 18.5% during the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 84 shares in the last quarter. Finally, Versant Capital Management Inc increased 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 during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Up 1.8 %

EGP stock opened at $154.91 on Friday. The firm’s 50-day moving average is $174.69 and its two-hundred day moving average is $172.22. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $8.06 billion, a price-to-earnings ratio of 33.31, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. On average, analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.61%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 120.43%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EGP shares. Robert W. Baird raised their price objective on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Morgan Stanley decreased their price target on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research note on Monday, December 30th. Piper Sandler set a $175.00 price objective on EastGroup Properties and gave the company a “neutral” rating in a research note on Sunday, April 6th. Deutsche Bank Aktiengesellschaft began coverage on EastGroup Properties in a research report on Tuesday, January 14th. They issued a “buy” rating and a $180.00 target price for the company. Finally, Truist Financial raised EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research report on Thursday. Nine research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $189.00.

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.