State of Alaska Department of Revenue Decreases Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

State of Alaska Department of Revenue trimmed its holdings in EastGroup Properties, Inc. (NYSE:EGPGet Rating) by 1.2% during the second quarter, HoldingsChannel reports. The firm owned 26,130 shares of the real estate investment trust’s stock after selling 320 shares during the period. State of Alaska Department of Revenue’s holdings in EastGroup Properties were worth $4,031,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in EGP. HHM Wealth Advisors LLC acquired a new stake in shares of EastGroup Properties during the 1st quarter worth approximately $28,000. Group One Trading L.P. acquired a new stake in shares of EastGroup Properties during the 1st quarter worth approximately $41,000. DeDora Capital Inc. acquired a new stake in shares of EastGroup Properties during the 1st quarter worth approximately $46,000. Kessler Investment Group LLC acquired a new stake in shares of EastGroup Properties during the 1st quarter worth approximately $106,000. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of EastGroup Properties by 22.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 694 shares of the real estate investment trust’s stock worth $158,000 after buying an additional 128 shares during the last quarter. Institutional investors and hedge funds own 89.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EGP. Morgan Stanley cut their price target on shares of EastGroup Properties from $215.00 to $195.00 and set an “equal weight” rating for the company in a report on Monday, August 1st. Jefferies Financial Group dropped their target price on shares of EastGroup Properties from $200.00 to $144.00 and set a “hold” rating for the company in a report on Thursday, June 30th. Piper Sandler dropped their target price on shares of EastGroup Properties to $200.00 in a report on Monday, July 4th. Evercore ISI dropped their target price on shares of EastGroup Properties from $159.00 to $156.00 and set an “in-line” rating for the company in a report on Monday. Finally, Wells Fargo & Company lifted their target price on shares of EastGroup Properties from $170.00 to $178.00 and gave the company an “equal weight” rating in a report on Thursday, August 11th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $189.80.

EastGroup Properties Price Performance

EastGroup Properties stock opened at $153.17 on Thursday. The stock has a market cap of $6.67 billion, a P/E ratio of 29.80, a price-to-earnings-growth ratio of 2.88 and a beta of 0.87. The company has a fifty day simple moving average of $166.73 and a 200-day simple moving average of $173.79. EastGroup Properties, Inc. has a 12-month low of $148.33 and a 12-month high of $229.84. The company has a current ratio of 0.04, a quick ratio of 0.04 and a debt-to-equity ratio of 0.82.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a dividend of $1.25 per share. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.10. This represents a $5.00 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend is Thursday, September 29th. EastGroup Properties’s payout ratio is 85.60%.

About EastGroup Properties

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EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

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Institutional Ownership by Quarter for EastGroup Properties (NYSE:EGP)

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