EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC lowered its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 34.0% in the fourth quarter, Holdings Channel reports. The firm owned 1,993 shares of the real estate investment trust’s stock after selling 1,026 shares during the quarter. Intech Investment Management LLC’s holdings in EastGroup Properties were worth $320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of EastGroup Properties during the third quarter worth about $206,000. Charles Schwab Investment Management Inc. lifted its position in EastGroup Properties by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust’s stock worth $119,527,000 after acquiring an additional 22,328 shares during the period. Cerity Partners LLC grew its stake in shares of EastGroup Properties by 35.6% in the 3rd quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust’s stock valued at $2,545,000 after purchasing an additional 3,574 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of EastGroup Properties in the third quarter valued at approximately $228,000. Finally, Bank of Montreal Can raised its stake in shares of EastGroup Properties by 11.9% during the third quarter. Bank of Montreal Can now owns 13,061 shares of the real estate investment trust’s stock worth $2,451,000 after purchasing an additional 1,392 shares during the last quarter. 92.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on EGP shares. Deutsche Bank Aktiengesellschaft began coverage on shares of EastGroup Properties in a research note on Tuesday, January 14th. They issued a “buy” rating and a $180.00 price objective on the stock. Morgan Stanley cut their price target on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a report on Monday, December 30th. Truist Financial lifted their price objective on EastGroup Properties from $168.00 to $180.00 and gave the company a “hold” rating in a report on Friday, February 14th. Robert W. Baird increased their price target on shares of EastGroup Properties from $192.00 to $194.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and upped their target price for the stock from $174.00 to $194.00 in a research report on Thursday, January 2nd. Nine 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.47.

EastGroup Properties Trading Down 0.6 %

Shares of EGP opened at $175.28 on Wednesday. EastGroup Properties, Inc. has a fifty-two week low of $155.10 and a fifty-two week high of $192.61. The company has a market capitalization of $9.12 billion, a PE ratio of 37.69, a price-to-earnings-growth ratio of 3.35 and a beta of 0.99. The stock has a fifty day moving average of $176.05 and a two-hundred day moving average of $174.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.12 and a current ratio of 0.12.

EastGroup Properties (NYSE:EGP) last released its earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share for the quarter, topping the consensus estimate 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, analysts forecast that EastGroup Properties, Inc. will post 8.94 EPS 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 given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Monday, March 31st. EastGroup Properties’s dividend payout ratio (DPR) is 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.