California Public Employees Retirement System Sells 1,408 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Posted by Defense World Staff on May 14th, 2023

California Public Employees Retirement System cut its stake in EastGroup Properties, Inc. (NYSE:EGP – Get Rating) by 1.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,685 shares of the real estate investment trust’s stock after selling 1,408 shares during the period. California Public Employees Retirement System owned about 0.21% of EastGroup Properties worth $13,723,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Huntington National Bank grew its holdings in shares of EastGroup Properties by 11.1% in the third quarter. Huntington National Bank now owns 681 shares of the real estate investment trust’s stock worth $98,000 after purchasing an additional 68 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in EastGroup Properties by 0.6% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,672 shares of the real estate investment trust’s stock worth $1,685,000 after acquiring an additional 69 shares in the last quarter. Inspire Investing LLC grew its holdings in EastGroup Properties by 6.0% during the 3rd quarter. Inspire Investing LLC now owns 1,443 shares of the real estate investment trust’s stock worth $208,000 after acquiring an additional 82 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in EastGroup Properties by 4.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 2,082 shares of the real estate investment trust’s stock worth $301,000 after acquiring an additional 85 shares in the last quarter. Finally, SeaCrest Wealth Management LLC grew its holdings in EastGroup Properties by 6.9% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 1,546 shares of the real estate investment trust’s stock worth $223,000 after acquiring an additional 100 shares in the last quarter. 89.48% of the stock is currently owned by institutional investors.

Insider Activity at EastGroup Properties

In other EastGroup Properties news, Director Hayden C. Eaves III sold 638 shares of the firm’s stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $163.41, for a total transaction of $104,255.58. Following the completion of the transaction, the director now directly owns 7,540 shares of the company’s stock, valued at approximately $1,232,111.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is currently owned by insiders.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock opened at $167.31 on Friday. The firm has a market capitalization of $7.29 billion, a P/E ratio of 43.23, a PEG ratio of 4.06 and a beta of 0.93. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.88. The company has a 50 day moving average price of $163.78 and a 200 day moving average price of $160.11. EastGroup Properties, Inc. has a 52 week low of $137.47 and a 52 week high of $180.25.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Friday, March 31st were given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend was Thursday, March 30th. EastGroup Properties’s payout ratio is currently 129.20%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to a “buy” rating and increased their target price for the stock from $180.00 to $185.00 in a report on Monday, March 20th. Morgan Stanley raised their price target on shares of EastGroup Properties from $150.00 to $158.00 and gave the company an “equal weight” rating in a report on Wednesday, February 22nd. StockNews.com upgraded shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Wednesday, April 26th. Truist Financial raised their price target on shares of EastGroup Properties from $170.00 to $180.00 and gave the company a “hold” rating in a report on Tuesday, February 21st. Finally, Robert W. Baird raised their price target on shares of EastGroup Properties from $170.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, February 9th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of “Hold” and a consensus price target of $170.70.

EastGroup Properties Company Profile

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EastGroup Properties, Inc is an internally-managed equity real estate investment trust, which engages in the development, acquisition, and operation of industrial properties. The company was founded in 1969 and is headquartered in Ridgeland, MS.