Corebridge Financial Inc. Sells 1,605 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Corebridge Financial Inc. trimmed its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 2.8% in the 4th quarter, HoldingsChannel reports. The firm owned 55,923 shares of the real estate investment trust’s stock after selling 1,605 shares during the quarter. Corebridge Financial Inc.’s holdings in EastGroup Properties were worth $8,975,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Crowley Wealth Management Inc. bought a new stake in shares of EastGroup Properties during the fourth quarter valued at approximately $29,000. Canton Hathaway LLC purchased a new position in EastGroup Properties during the fourth quarter valued at $30,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in EastGroup Properties by 503.3% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 362 shares of the real estate investment trust’s stock valued at $58,000 after acquiring an additional 302 shares during the last quarter. Principal Securities Inc. lifted its stake in EastGroup Properties by 18.5% in the 4th quarter. Principal Securities Inc. now owns 538 shares of the real estate investment trust’s stock worth $86,000 after purchasing an additional 84 shares in the last quarter. Finally, Quarry LP bought a new position in shares of EastGroup Properties during the 3rd quarter valued at about $102,000. 92.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

EGP has been the topic of several research reports. Robert W. Baird lifted their target price on EastGroup Properties from $192.00 to $194.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Truist Financial lifted their price objective on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a research note on Friday, February 14th. Morgan Stanley decreased their price objective on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a report on Monday, December 30th. KeyCorp reissued a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of EastGroup Properties in a research note on Tuesday, January 14th. They set a “buy” rating and a $180.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties has an average rating of “Moderate Buy” and a consensus target price of $190.47.

EastGroup Properties Stock Down 0.7 %

Shares of NYSE EGP opened at $176.63 on Friday. The company has a market cap of $9.19 billion, a P/E ratio of 37.98, a PEG ratio of 3.35 and a beta of 0.99. The firm has a 50-day simple moving average of $176.62 and a two-hundred day simple moving average of $174.66. EastGroup Properties, Inc. has a 1 year low of $155.10 and a 1 year high of $192.61. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (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%. Research analysts anticipate that EastGroup Properties, Inc. will post 8.94 earnings per share for the current year.

EastGroup Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.17%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s dividend payout ratio is presently 120.43%.

About EastGroup Properties

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.