New York Life Investment Management LLC Has $2.79 Million Position in EastGroup Properties, Inc. (NYSE:EGP)

New York Life Investment Management LLC lifted its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 651.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 15,186 shares of the real estate investment trust’s stock after buying an additional 13,164 shares during the quarter. New York Life Investment Management LLC’s holdings in EastGroup Properties were worth $2,787,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in EastGroup Properties by 6.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,765 shares of the real estate investment trust’s stock worth $2,958,000 after acquiring an additional 1,035 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in EastGroup Properties during the third quarter worth approximately $5,223,000. Advisor Partners II LLC increased its stake in EastGroup Properties by 54.7% during the 3rd quarter. Advisor Partners II LLC now owns 2,968 shares of the real estate investment trust’s stock worth $494,000 after acquiring an additional 1,050 shares during the period. Park Avenue Securities LLC acquired a new position in EastGroup Properties in the 3rd quarter valued at $450,000. Finally, Inspire Investing LLC grew its holdings in shares of EastGroup Properties by 4.9% during the 3rd quarter. Inspire Investing LLC now owns 7,825 shares of the real estate investment trust’s stock worth $1,303,000 after purchasing an additional 369 shares in the last quarter. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Up 0.8 %

NYSE:EGP opened at $159.86 on Monday. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $188.85. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. The company has a market cap of $7.70 billion, a PE ratio of 34.68, a P/E/G ratio of 2.78 and a beta of 0.96. The firm’s 50 day simple moving average is $172.39 and its 200 day simple moving average is $174.81.

EastGroup Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $1.27 per share. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.18%. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Insider Buying and Selling

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the transaction, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on EGP shares. Evercore ISI cut their price objective on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research report on Thursday, April 25th. Truist Financial lifted their price objective on shares of EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research note on Tuesday, February 20th. Piper Sandler cut their target price on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a research note on Monday, April 29th. JPMorgan Chase & Co. reduced their target price on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Barclays lowered their price target on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a report on Monday, April 29th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $185.13.

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.