Mercer Global Advisors Inc. ADV Has $3.31 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

Posted by Defense World Staff on May 15th, 2023

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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Huntington National Bank increased its stake 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 valued at $98,000 after buying an additional 68 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of 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 valued at $1,685,000 after purchasing an additional 69 shares in the last quarter. Inspire Investing LLC lifted its holdings in shares of 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 valued at $208,000 after purchasing an additional 82 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of 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 valued at $301,000 after purchasing an additional 85 shares in the last quarter. Finally, Utah Retirement Systems lifted its holdings in shares of EastGroup Properties by 4.8% during the 3rd quarter. Utah Retirement Systems now owns 2,200 shares of the real estate investment trust’s stock valued at $318,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 89.48% of the company’s stock.

Analyst Ratings Changes

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

EastGroup Properties Stock Down 0.7 %

EGP stock opened at $167.31 on Monday. The firm has a market capitalization of $7.29 billion, a PE ratio of 43.23, a P/E/G ratio of 4.06 and a beta of 0.93. EastGroup Properties, Inc. has a twelve month low of $137.47 and a twelve month high of $180.25. 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 stock’s 50 day moving average is $163.78 and its 200-day moving average is $160.17.

EastGroup Properties Dividend Announcement

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

Insiders Place Their Bets

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

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.