Resona Asset Management Co. Ltd. Acquires Shares of 19,678 EastGroup Properties, Inc. (NYSE:EGP)

Resona Asset Management Co. Ltd. acquired a new stake in EastGroup Properties, Inc. (NYSE:EGP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 19,678 shares of the real estate investment trust’s stock, valued at approximately $3,173,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Centersquare Investment Management LLC increased its holdings in shares of EastGroup Properties by 24.9% in the fourth quarter. Centersquare Investment Management LLC now owns 461,533 shares of the real estate investment trust’s stock valued at $74,071,000 after purchasing an additional 91,953 shares during the period. ExodusPoint Capital Management LP increased its holdings in shares of EastGroup Properties by 15.9% in the fourth quarter. ExodusPoint Capital Management LP now owns 166,969 shares of the real estate investment trust’s stock valued at $26,797,000 after purchasing an additional 22,869 shares during the period. OneAscent Financial Services LLC acquired a new position in shares of EastGroup Properties in the fourth quarter valued at approximately $390,000. Geode Capital Management LLC increased its holdings in shares of EastGroup Properties by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 914,532 shares of the real estate investment trust’s stock valued at $146,816,000 after purchasing an additional 15,313 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of EastGroup Properties by 44.2% in the fourth quarter. Wellington Management Group LLP now owns 253,796 shares of the real estate investment trust’s stock valued at $40,732,000 after purchasing an additional 77,800 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Up 7.7 %

EGP opened at $156.41 on Thursday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The firm has a market cap of $8.14 billion, a P/E ratio of 33.64, a PEG ratio of 3.35 and a beta of 0.94. EastGroup Properties, Inc. has a 52 week low of $137.67 and a 52 week high of $192.61. The business’s fifty day simple moving average is $175.35 and its 200 day simple moving average is $172.72.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.99. EastGroup Properties had a return on equity of 7.89% and a net margin of 35.57%. As a group, equities research analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend is Monday, March 31st. EastGroup Properties’s payout ratio is currently 120.43%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $185.00 to $200.00 in a report on Wednesday, December 11th. Truist Financial upped their price objective on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a report on Friday, February 14th. Piper Sandler set a $175.00 price objective on EastGroup Properties and gave the stock a “neutral” rating in a report on Sunday. StockNews.com lowered EastGroup Properties from a “hold” rating to a “sell” rating in a report on Monday, March 31st. Finally, Robert W. Baird upped their price objective on EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $189.00.

EastGroup Properties 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.