Posted by Defense World Staff on Jun 29th, 2024
Park Avenue Securities LLC grew its position in shares of EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 16.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,235 shares of the real estate investment trust’s stock after acquiring an additional 454 shares during the quarter. Park Avenue Securities LLC’s holdings in EastGroup Properties were worth $581,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of EastGroup Properties by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 6,652,922 shares of the real estate investment trust’s stock valued at $1,221,077,000 after buying an additional 120,746 shares in the last quarter. Deutsche Bank AG grew its stake in shares of EastGroup Properties by 3.9% in the third quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock valued at $173,598,000 after buying an additional 38,766 shares in the last quarter. Boston Partners grew its stake in shares of EastGroup Properties by 42.7% in the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock valued at $138,813,000 after buying an additional 226,169 shares in the last quarter. Wellington Management Group LLP grew its stake in EastGroup Properties by 113.1% during the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after purchasing an additional 368,954 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in EastGroup Properties by 4.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 666,304 shares of the real estate investment trust’s stock valued at $122,295,000 after purchasing an additional 29,479 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.
EastGroup Properties Trading Up 0.5 %
Shares of NYSE EGP opened at $170.04 on Friday. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 36.89, a price-to-earnings-growth ratio of 2.63 and a beta of 0.98. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $188.85. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The stock’s 50 day simple moving average is $163.65 and its 200 day simple moving average is $173.84.
EastGroup Properties Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is 110.20%.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the company. BNP Paribas assumed coverage on EastGroup Properties in a research note on Tuesday, June 4th. They set a “neutral” rating and a $167.00 price objective for the company. Evercore ISI lowered their price objective on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research note on Thursday, April 25th. Robert W. Baird lowered their price objective on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. JPMorgan Chase & Co. lowered their price objective on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a research note on Thursday, May 2nd. Finally, KeyCorp lowered their price objective on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday, April 30th. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, EastGroup Properties presently has a consensus rating of “Hold” and a consensus target price of $182.41.
Read Our Latest Stock Analysis on EGP
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.
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