Eaton Vance Management increased its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 41.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 969,746 shares of the real estate investment trust’s stock after buying an additional 285,700 shares during the quarter. Eaton Vance Management’s holdings in EastGroup Properties were worth $138,946,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in EGP. First Trust Advisors LP grew its position in EastGroup Properties by 296.1% during the first quarter. First Trust Advisors LP now owns 27,179 shares of the real estate investment trust’s stock worth $3,034,000 after buying an additional 20,317 shares in the last quarter. LPL Financial LLC grew its position in EastGroup Properties by 14.3% during the fourth quarter. LPL Financial LLC now owns 4,252 shares of the real estate investment trust’s stock worth $587,000 after buying an additional 531 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in EastGroup Properties by 8.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 4,885 shares of the real estate investment trust’s stock worth $674,000 after buying an additional 364 shares in the last quarter. Schroder Investment Management Group acquired a new stake in EastGroup Properties during the fourth quarter worth about $25,000. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in EastGroup Properties by 3.0% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 40,495 shares of the real estate investment trust’s stock valued at $5,590,000 after purchasing an additional 1,165 shares in the last quarter. 91.12% of the stock is currently owned by institutional investors and hedge funds.
NYSE:EGP opened at $175.24 on Thursday. EastGroup Properties, Inc. has a 1 year low of $118.76 and a 1 year high of $177.26. The firm has a 50 day moving average price of $164.98. The company has a market capitalization of $7.01 billion, a PE ratio of 31.77, a P/E/G ratio of 4.57 and a beta of 0.72.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 15th. Investors of record on Wednesday, June 30th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 1.80%. The ex-dividend date was Tuesday, June 29th. EastGroup Properties’s dividend payout ratio (DPR) is presently 58.74%.
In related news, EVP John F. Coleman sold 5,760 shares of the business’s stock in a transaction that occurred on Friday, April 30th. The shares were sold at an average price of $156.74, for a total value of $902,822.40. Following the completion of the transaction, the executive vice president now owns 91,479 shares in the company, valued at approximately $14,338,418.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.
EGP has been the topic of a number of recent research reports. Truist lifted their price objective on EastGroup Properties from $145.00 to $152.00 and gave the company a “hold” rating in a report on Monday, May 17th. They noted that the move was a valuation call. BTIG Research lifted their price objective on EastGroup Properties from $158.00 to $164.00 and gave the company a “buy” rating in a report on Friday, April 16th. Royal Bank of Canada lifted their price objective on EastGroup Properties from $144.00 to $163.00 and gave the company a “sector perform” rating in a report on Tuesday, June 1st. Wells Fargo & Company lifted their price objective on EastGroup Properties from $148.00 to $168.00 and gave the company an “equal weight” rating in a report on Monday, June 7th. Finally, Zacks Investment Research downgraded EastGroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday. Nine research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $159.00.
EastGroup Properties Company Profile
EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.
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