EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC decreased its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 34.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,993 shares of the real estate investment trust’s stock after selling 1,026 shares during the quarter. Intech Investment Management LLC’s holdings in EastGroup Properties were worth $320,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of EGP. Raymond James Financial Inc. purchased a new position in EastGroup Properties during the fourth quarter worth about $116,756,000. FMR LLC increased its holdings in shares of EastGroup Properties by 67.9% during the 3rd quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock worth $291,081,000 after buying an additional 629,827 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of EastGroup Properties by 210.6% during the 4th quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust’s stock valued at $113,584,000 after buying an additional 479,873 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in EastGroup Properties by 355.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 391,594 shares of the real estate investment trust’s stock valued at $73,158,000 after acquiring an additional 305,555 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its position in EastGroup Properties by 50.9% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 517,770 shares of the real estate investment trust’s stock worth $83,098,000 after acquiring an additional 174,630 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on EGP. Evercore ISI restated an “in-line” rating and issued a $185.00 price objective (up from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research note on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research note on Tuesday, December 17th. Truist Financial raised their target price on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a report on Friday, February 14th. Finally, Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their price target for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $190.47.

EastGroup Properties Trading Down 0.6 %

EGP opened at $175.28 on Wednesday. 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, Inc. has a one year low of $155.10 and a one year high of $192.61. The company has a market cap of $9.12 billion, a P/E ratio of 37.69, a PEG ratio of 3.35 and a beta of 0.99. The business’s 50-day simple moving average is $176.05 and its 200-day simple moving average is $174.62.

EastGroup Properties (NYSE:EGP) last released its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping 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 research analysts expect that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Monday, March 31st. EastGroup Properties’s payout ratio is 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.