Swiss National Bank Sells 11,200 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Posted by Defense World Staff on Aug 23rd, 2023

Swiss National Bank cut its position in EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 10.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 93,987 shares of the real estate investment trust’s stock after selling 11,200 shares during the quarter. Swiss National Bank owned approximately 0.22% of EastGroup Properties worth $15,538,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised 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 acquiring an additional 133,344 shares in the last quarter. State Street Corp increased its position in shares of EastGroup Properties by 11.5% during the first quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock worth $492,949,000 after purchasing an additional 248,538 shares in the last quarter. Morgan Stanley lifted its holdings in shares of EastGroup Properties by 544.4% during the 4th quarter. Morgan Stanley now owns 2,044,292 shares of the real estate investment trust’s stock valued at $302,678,000 after purchasing an additional 1,727,071 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of EastGroup Properties by 26.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,260,753 shares of the real estate investment trust’s stock worth $186,668,000 after purchasing an additional 261,313 shares in the last quarter. Finally, Brown Advisory Inc. grew its stake in EastGroup Properties by 2.3% during the 1st quarter. Brown Advisory Inc. now owns 890,565 shares of the real estate investment trust’s stock worth $147,228,000 after buying an additional 19,978 shares during the last quarter. 91.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on EGP. KeyCorp raised their price target on EastGroup Properties from $174.00 to $188.00 in a report on Wednesday, July 12th. Truist Financial dropped their target price on shares of EastGroup Properties from $180.00 to $175.00 in a research report on Monday, May 15th. Morgan Stanley reissued an “equal weight” rating and set a $158.00 target price on shares of EastGroup Properties in a research report on Tuesday, August 1st. Wells Fargo & Company boosted their target price on shares of 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 assumed coverage on shares of EastGroup Properties in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of “Moderate Buy” and an average price target of $185.60.

Check Out Our Latest Stock Report on EGP

EastGroup Properties Stock Performance

NYSE EGP opened at $176.46 on Wednesday. The firm has a market capitalization of $8.01 billion, a P/E ratio of 47.06, a PEG ratio of 3.33 and a beta of 0.93. EastGroup Properties, Inc. has a fifty-two week low of $137.47 and a fifty-two week high of $188.85. The stock has a 50-day simple moving average of $176.77 and a two-hundred day simple moving average of $168.99. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 2.83%. The ex-dividend date was Thursday, June 29th. EastGroup Properties’s payout ratio is currently 133.33%.

Insider Transactions at EastGroup Properties

In other news, SVP Richard Reid Dunbar sold 1,600 shares of the company’s 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 transaction, the senior vice president now directly owns 17,288 shares of the company’s stock, valued at approximately $3,133,450. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.50% of the company’s stock.

About EastGroup Properties

(Free Report)

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.