Envestnet Asset Management Inc. Acquires 536 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Envestnet Asset Management Inc. increased its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 0.4% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 150,940 shares of the real estate investment trust’s stock after buying an additional 536 shares during the quarter. Envestnet Asset Management Inc. owned about 0.30% of EastGroup Properties worth $24,224,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of EGP. Franklin Resources Inc. grew its stake in shares of EastGroup Properties by 337.0% in the third quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock worth $8,728,000 after acquiring an additional 37,863 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in EastGroup Properties by 20.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock worth $261,000 after purchasing an additional 275 shares during the period. Bank of New York Mellon Corp raised its stake in EastGroup Properties by 5.5% during the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock valued at $72,610,000 after buying an additional 23,626 shares during the last quarter. BankPlus Trust Department bought a new position in shares of EastGroup Properties during the 4th quarter valued at $1,871,000. Finally, Nordea Investment Management AB boosted its stake in shares of EastGroup Properties by 6.1% in the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock worth $11,667,000 after buying an additional 4,176 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Price Performance

EGP stock opened at $154.91 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12. The company’s fifty day moving average price is $174.69 and its 200-day moving average price is $172.11. EastGroup Properties, Inc. has a one year low of $137.67 and a one year high of $192.61. The company has a market capitalization of $8.06 billion, a PE ratio of 33.31, a price-to-earnings-growth ratio of 3.35 and a beta of 0.94.

EastGroup Properties (NYSE:EGP) last announced 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%. On average, equities analysts anticipate that EastGroup Properties, Inc. will post 8.94 EPS for the current fiscal year.

EastGroup Properties Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on EGP. StockNews.com raised EastGroup Properties from a “sell” rating to a “hold” rating in a report on Friday. Evercore ISI reissued an “in-line” rating and issued a $185.00 price objective (up previously from $181.00) on shares of EastGroup Properties in a report on Monday, March 17th. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Truist Financial upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and set a $180.00 price target on the stock in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on EastGroup Properties in a research note on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price objective for the company. Nine equities research 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $189.00.

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.