Victory Capital Management Inc. decreased its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 20.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,608 shares of the real estate investment trust’s stock after selling 1,977 shares during the period. Victory Capital Management Inc.’s holdings in EastGroup Properties were worth $1,258,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its holdings in EastGroup Properties by 29.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 186,433 shares of the real estate investment trust’s stock worth $27,603,000 after acquiring an additional 42,044 shares in the last quarter. AE Wealth Management LLC boosted its holdings in EastGroup Properties by 11.6% in the fourth quarter. AE Wealth Management LLC now owns 9,463 shares of the real estate investment trust’s stock worth $1,401,000 after acquiring an additional 982 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in EastGroup Properties by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 27,434 shares of the real estate investment trust’s stock worth $4,534,000 after acquiring an additional 526 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in EastGroup Properties by 0.7% in the fourth quarter. Retirement Systems of Alabama now owns 57,431 shares of the real estate investment trust’s stock worth $8,503,000 after acquiring an additional 395 shares in the last quarter. Finally, Versor Investments LP bought a new position in EastGroup Properties in the fourth quarter worth approximately $239,000. Institutional investors own 91.56% of the company’s stock.
EastGroup Properties Stock Performance
Shares of EGP opened at $176.47 on Tuesday. The company has a current ratio of 0.01, a quick ratio of 0.01 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 47.06, a PEG ratio of 3.76 and a beta of 0.93. The stock has a 50 day moving average of $174.99 and a 200 day moving average of $168.35. EastGroup Properties, Inc. has a 12 month low of $137.47 and a 12 month high of $188.85.
EastGroup Properties Dividend Announcement
Insider Activity at EastGroup Properties
In related news, SVP Richard Reid Dunbar sold 1,600 shares of the stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $181.25, for a total transaction of $290,000.00. Following the completion of the sale, the senior vice president now directly owns 17,288 shares of the company’s stock, valued at $3,133,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
EGP has been the topic of several recent research reports. Morgan Stanley reiterated an “equal weight” rating and issued a $158.00 price target on shares of EastGroup Properties in a report on Tuesday, August 1st. Citigroup increased their price target on EastGroup Properties from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, July 14th. StockNews.com initiated coverage on EastGroup Properties in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Piper Sandler increased their price objective on EastGroup Properties from $195.00 to $215.00 in a research note on Thursday, July 27th. Finally, Wells Fargo & Company increased their price objective on EastGroup Properties from $165.00 to $179.00 and gave the stock an “equal weight” rating in a research note on Monday. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $185.60.
EastGroup Properties Company Profile
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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