GoalVest Advisory LLC Takes Position in EastGroup Properties, Inc. (NYSE:EGP)

GoalVest Advisory LLC acquired a new position in EastGroup Properties, Inc. (NYSE:EGP) in the first quarter, HoldingsChannel.com reports. The firm acquired 1,400 shares of the real estate investment trust’s stock, valued at approximately $252,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in shares of EastGroup Properties during the 4th quarter valued at about $31,000. Venturi Wealth Management LLC grew its position in EastGroup Properties by 51.6% in the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 66 shares during the period. ZRC Wealth Management LLC purchased a new stake in EastGroup Properties during the 4th quarter valued at $37,000. Mather Group LLC. bought a new position in shares of EastGroup Properties during the 1st quarter valued at $42,000. Finally, Tucker Asset Management LLC purchased a new position in shares of EastGroup Properties in the 3rd quarter worth $44,000. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Price Performance

Shares of EastGroup Properties stock opened at $169.10 on Friday. The company has a market capitalization of $8.14 billion, a price-to-earnings ratio of 36.68, a PEG ratio of 2.63 and a beta of 0.98. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The stock’s 50-day simple moving average is $163.43 and its 200-day simple moving average is $173.87. EastGroup Properties, Inc. has a 52 week low of $154.75 and a 52 week high of $188.85.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $1.27 dividend. The ex-dividend date is Friday, June 28th. This represents a $5.08 dividend on an annualized basis and a yield of 3.00%. EastGroup Properties’s dividend payout ratio is presently 110.20%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on EGP shares. JPMorgan Chase & Co. reduced their price objective on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Robert W. Baird reduced their price target on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Piper Sandler dropped their price objective on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Mizuho cut their target price on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. Finally, BMO Capital Markets began coverage on shares of EastGroup Properties in a research report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price target on the stock. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $182.41.

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.