Bank of New York Mellon Corp cut its holdings in EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 489,549 shares of the real estate investment trust’s stock after selling 4,451 shares during the quarter. Bank of New York Mellon Corp owned about 1.12% of EastGroup Properties worth $80,932,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. American Century Companies Inc. acquired a new position in EastGroup Properties during the first quarter worth about $354,000. Group One Trading L.P. purchased a new position in shares of EastGroup Properties during the first quarter valued at approximately $41,000. Private Advisor Group LLC boosted its position in EastGroup Properties by 10.3% during the first quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock worth $246,000 after acquiring an additional 113 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in EastGroup Properties in the 1st quarter valued at $12,520,000. Finally, Vanguard Group Inc. lifted its stake in shares of EastGroup Properties by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 6,172,033 shares of the real estate investment trust’s stock worth $1,254,651,000 after purchasing an additional 133,344 shares during the period. 91.56% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of analysts have issued reports on the company. Morgan Stanley reissued an “equal weight” rating and issued a $158.00 price target on shares of EastGroup Properties in a research note on Tuesday, August 1st. BTIG Research upped their price target on shares of EastGroup Properties from $198.00 to $218.00 in a research report on Wednesday, July 26th. Truist Financial decreased their price target on shares of EastGroup Properties from $180.00 to $175.00 in a report on Monday, May 15th. Wells Fargo & Company increased their target price on EastGroup Properties from $165.00 to $179.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Finally, StockNews.com started coverage on EastGroup Properties in a research report on Thursday. They set a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $185.60.
EastGroup Properties Stock Performance
Shares of NYSE:EGP opened at $174.16 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.01 and a current ratio of 0.01. EastGroup Properties, Inc. has a one year low of $137.47 and a one year high of $188.85. The business’s 50-day simple moving average is $176.45 and its 200 day simple moving average is $168.88. The company has a market cap of $7.91 billion, a P/E ratio of 46.44, a PEG ratio of 3.37 and a beta of 0.93.
EastGroup Properties Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were given a $1.25 dividend. The ex-dividend date was Thursday, June 29th. This represents a $5.00 dividend on an annualized basis and a yield of 2.87%. EastGroup Properties’s payout ratio is currently 133.33%.
Insider Activity
In related news, SVP Richard Reid Dunbar sold 1,600 shares of the business’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $181.25, for a total value of $290,000.00. Following the transaction, the senior vice president now owns 17,288 shares in the company, valued at $3,133,450. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.
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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