EastGroup Properties, Inc. (NYSE:EGP) Position Boosted by Sterling Capital Management LLC

Sterling Capital Management LLC raised its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 4.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,521 shares of the real estate investment trust’s stock after acquiring an additional 790 shares during the period. Sterling Capital Management LLC’s holdings in EastGroup Properties were worth $3,293,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of EastGroup Properties during the 4th quarter worth about $116,756,000. Norges Bank acquired a new position in shares of EastGroup Properties during the fourth quarter valued at approximately $100,579,000. Daiwa Securities Group Inc. increased its stake in shares of EastGroup Properties by 210.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 707,732 shares of the real estate investment trust’s stock valued at $113,584,000 after acquiring an additional 479,873 shares during the period. Boston Partners raised its holdings in EastGroup Properties by 34.1% during the fourth quarter. Boston Partners now owns 1,056,232 shares of the real estate investment trust’s stock worth $169,533,000 after purchasing an additional 268,359 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in EastGroup Properties by 50.9% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 517,770 shares of the real estate investment trust’s stock worth $83,098,000 after purchasing an additional 174,630 shares during the period. Institutional investors and hedge funds own 92.14% of the company’s stock.

EastGroup Properties Trading Up 1.8 %

Shares of NYSE EGP opened at $154.91 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61. The business has a 50-day moving average price of $174.69 and a two-hundred day moving average price of $172.22. The firm has a market capitalization of $8.06 billion, a PE ratio of 33.31, a PEG ratio of 3.35 and a beta of 0.94.

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

EastGroup Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.40 per share. The ex-dividend date is Monday, March 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.61%. EastGroup Properties’s payout ratio is 120.43%.

Analysts Set New Price Targets

A number of analysts have recently commented on EGP shares. Jefferies Financial Group raised EastGroup Properties from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $174.00 to $194.00 in a research note on Thursday, January 2nd. Robert W. Baird boosted their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price objective for the company in a research report on Thursday. Morgan Stanley dropped their target price on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a report on Monday, December 30th. Finally, StockNews.com upgraded shares of EastGroup Properties from a “sell” rating to a “hold” rating in a report on Friday. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $189.00.

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.