EastGroup Properties, Inc. (NYSE:EGP) Holdings Lifted by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co increased its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 4.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,247 shares of the real estate investment trust’s stock after acquiring an additional 4,152 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.20% of EastGroup Properties worth $16,090,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Franklin Resources Inc. increased its holdings in shares of EastGroup Properties by 337.0% in the 3rd quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock valued at $8,728,000 after purchasing an additional 37,863 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in EastGroup Properties by 20.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock valued at $261,000 after buying an additional 275 shares during the period. Bank of New York Mellon Corp lifted its position in EastGroup Properties by 5.5% in the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock worth $72,610,000 after buying an additional 23,626 shares in the last quarter. BankPlus Trust Department purchased a new stake in EastGroup Properties in the 4th quarter worth approximately $1,871,000. Finally, Nordea Investment Management AB boosted its stake in shares of EastGroup Properties by 6.1% during the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock valued at $11,667,000 after buying an additional 4,176 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EGP has been the subject of several recent research reports. Piper Sandler cut their price objective on EastGroup Properties from $175.00 to $172.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft started coverage on EastGroup Properties in a research note on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target for the company. Raymond James set a $190.00 price target on EastGroup Properties and gave the company a “strong-buy” rating in a research note on Monday, April 14th. Morgan Stanley cut their price objective on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Monday, December 30th. Finally, Robert W. Baird boosted their target price on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, EastGroup Properties presently has a consensus rating of “Moderate Buy” and a consensus target price of $188.24.

EastGroup Properties Price Performance

NYSE EGP opened at $159.69 on Monday. The stock has a 50-day simple moving average of $172.99 and a 200 day simple moving average of $171.21. EastGroup Properties, Inc. has a twelve month low of $137.67 and a twelve month high of $192.61. The stock has a market capitalization of $8.35 billion, a PE ratio of 34.34, a P/E/G ratio of 3.35 and a beta of 0.94. 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 (NYSE:EGP) last posted its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. Research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current year.

EastGroup Properties Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend was Monday, March 31st. EastGroup Properties’s dividend payout ratio is currently 120.43%.

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.