By otakuyassine3@gmail.com 
O Shaughnessy Asset Management LLC cut its stake in EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 29.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,255 shares of the real estate investment trust’s stock after selling 956 shares during the period. O Shaughnessy Asset Management LLC’s holdings in EastGroup Properties were worth $362,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc boosted its position in EastGroup Properties by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,458 shares of the real estate investment trust’s stock valued at $234,000 after buying an additional 72 shares during the period. Principal Securities Inc. boosted its holdings in shares of EastGroup Properties by 18.5% in the fourth quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 84 shares during the period. Versant Capital Management Inc boosted its holdings 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 valued at $97,000 after purchasing an additional 95 shares during the period. waypoint wealth counsel grew its stake in EastGroup Properties by 1.9% in the fourth quarter. waypoint wealth counsel now owns 5,400 shares of the real estate investment trust’s stock worth $867,000 after purchasing an additional 100 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in EastGroup Properties by 1.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,042 shares of the real estate investment trust’s stock worth $1,612,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.
Analysts Set New Price Targets
EGP has been the subject of several research reports. Jefferies Financial Group upgraded EastGroup Properties from a “hold” rating to a “buy” rating and upped their target price for the stock from $174.00 to $194.00 in a report on Thursday, January 2nd. StockNews.com upgraded shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Friday. Robert W. Baird boosted their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of EastGroup Properties in a research note on Tuesday, January 14th. They set a “buy” rating and a $180.00 price objective on the stock. Finally, Piper Sandler set a $175.00 price objective on shares of EastGroup Properties and gave the stock a “neutral” rating in a research note on Sunday, April 6th. Nine equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $189.00.
Check Out Our Latest Stock Analysis on EGP
EastGroup Properties Stock Performance
EGP opened at $154.91 on Friday. The firm’s 50-day moving average price is $174.69 and its 200-day moving average price is $172.22. The company has a market cap of $8.06 billion, a P/E ratio of 33.31, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a 52-week low of $137.67 and a 52-week high of $192.61.
EastGroup Properties (NYSE:EGP – Get Free Report) 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 net margin of 35.57% and a return on equity of 7.89%. As a group, equities analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.
EastGroup Properties Dividend Announcement
The company 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 dividend of $1.40 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.61%. EastGroup Properties’s dividend payout ratio is currently 120.43%.
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.
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