Mercer Global Advisors Inc. ADV Grows Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Posted by Defense World Staff on May 15th, 2023

Mercer Global Advisors Inc. ADV grew its stake in EastGroup Properties, Inc. (NYSE:EGP – Get Rating) by 0.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 22,473 shares of the real estate investment trust’s stock after acquiring an additional 172 shares during the period. Mercer Global Advisors Inc. ADV owned about 0.05% of EastGroup Properties worth $3,313,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. increased its stake 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 buying an additional 69 shares during the period. AE Wealth Management LLC increased its stake in EastGroup Properties by 11.6% during the 4th quarter. AE Wealth Management LLC now owns 9,463 shares of the real estate investment trust’s stock worth $1,401,000 after buying an additional 982 shares during the period. Retirement Systems of Alabama increased its stake in EastGroup Properties by 0.7% during the 4th quarter. Retirement Systems of Alabama now owns 57,431 shares of the real estate investment trust’s stock worth $8,503,000 after buying an additional 395 shares during the period. Versor Investments LP purchased a new stake in EastGroup Properties during the 4th quarter worth approximately $239,000. Finally, Great West Life Assurance Co. Can increased its stake in EastGroup Properties by 13.0% during the 3rd quarter. Great West Life Assurance Co. Can now owns 66,118 shares of the real estate investment trust’s stock worth $9,536,000 after buying an additional 7,630 shares during the period. 89.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com upgraded shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Wednesday, April 26th. Robert W. Baird boosted their price target on shares of EastGroup Properties from $170.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, February 9th. Truist Financial boosted their price target on shares of EastGroup Properties from $170.00 to $180.00 and gave the stock a “hold” rating in a report on Tuesday, February 21st. Mizuho upgraded shares of EastGroup Properties from a “neutral” rating to a “buy” rating and upped their target price for the company from $180.00 to $185.00 in a report on Monday, March 20th. Finally, KeyCorp upped their target price on shares of EastGroup Properties from $170.00 to $174.00 in a report on Friday, April 28th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $170.70.

Insider Activity

In other news, Director Hayden C. Eaves III sold 638 shares of the stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $163.41, for a total value of $104,255.58. Following the completion of the transaction, the director now owns 7,540 shares in the company, valued at approximately $1,232,111.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.50% of the company’s stock.

EastGroup Properties Stock Down 0.7 %

Shares of EastGroup Properties stock opened at $167.31 on Monday. The company has a market cap 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 debt-to-equity ratio of 0.88, a quick ratio of 0.06 and a current ratio of 0.06. EastGroup Properties, Inc. has a one year low of $137.47 and a one year high of $180.25. The firm has a fifty day moving average of $163.78 and a two-hundred day moving average of $160.17.

EastGroup Properties Announces Dividend

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

About EastGroup Properties

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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.