Employees Retirement System of Texas Increases Position in EastGroup Properties, Inc. (NYSE:EGP)

Employees Retirement System of Texas boosted its position in EastGroup Properties, Inc. (NYSE:EGP) by 44.6% in the 4th quarter, Holdings Channel reports. The fund owned 51,900 shares of the real estate investment trust’s stock after purchasing an additional 16,000 shares during the period. Employees Retirement System of Texas’ holdings in EastGroup Properties were worth $8,329,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bank of Montreal Can boosted its holdings in shares of EastGroup Properties by 676.0% during the fourth quarter. Bank of Montreal Can now owns 101,349 shares of the real estate investment trust’s stock worth $16,266,000 after purchasing an additional 88,288 shares during the last quarter. Polymer Capital Management US LLC acquired a new stake in EastGroup Properties in the 4th quarter worth about $279,000. FMR LLC grew its holdings in EastGroup Properties by 1.4% in the 4th quarter. FMR LLC now owns 1,579,515 shares of the real estate investment trust’s stock valued at $253,496,000 after buying an additional 21,432 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of EastGroup Properties during the 4th quarter valued at about $100,000. Finally, Russell Investments Group Ltd. lifted its holdings in shares of EastGroup Properties by 3.6% during the 4th quarter. Russell Investments Group Ltd. now owns 259,403 shares of the real estate investment trust’s stock worth $41,632,000 after acquiring an additional 9,039 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and boosted their target price for the company from $174.00 to $194.00 in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a report on Tuesday, January 14th. They set a “buy” rating and a $180.00 price objective for the company. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Truist Financial boosted their price target on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a research report on Friday, February 14th. Finally, Morgan Stanley cut 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. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties has an average rating of “Moderate Buy” and an average target price of $190.47.

EastGroup Properties Stock Down 3.1 %

Shares of EastGroup Properties stock opened at $160.59 on Monday. EastGroup Properties, Inc. has a 1-year low of $151.69 and a 1-year high of $192.61. The company has a market capitalization of $8.35 billion, a PE ratio of 34.54, a P/E/G ratio of 3.35 and a beta of 0.94. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.12 and a quick ratio of 0.12. The business has a 50-day moving average of $177.24 and a 200-day moving average of $173.83.

EastGroup Properties (NYSE:EGP) last issued its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share 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 analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal 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 issued a $1.40 dividend. The ex-dividend date is Monday, March 31st. This represents a $5.60 annualized dividend and a yield of 3.49%. EastGroup Properties’s dividend payout ratio is presently 120.43%.

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.