EastGroup Properties, Inc. (NYSE:EGP) Shares Bought by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its stake in shares of EastGroup Properties, Inc. (NYSE:EGPGet Rating) by 26.8% in the second quarter, HoldingsChannel.com reports. The fund owned 572 shares of the real estate investment trust’s stock after purchasing an additional 121 shares during the period. Lazard Asset Management LLC’s holdings in EastGroup Properties were worth $88,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Trillium Asset Management LLC raised its position in EastGroup Properties by 1.1% during the second quarter. Trillium Asset Management LLC now owns 25,396 shares of the real estate investment trust’s stock worth $3,921,000 after acquiring an additional 273 shares during the period. Oppenheimer Asset Management Inc. raised its position in EastGroup Properties by 1.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 7,941 shares of the real estate investment trust’s stock worth $1,226,000 after acquiring an additional 127 shares during the period. Texas Permanent School Fund raised its position in EastGroup Properties by 4.4% during the second quarter. Texas Permanent School Fund now owns 30,125 shares of the real estate investment trust’s stock worth $4,649,000 after acquiring an additional 1,282 shares during the period. Donoghue Forlines LLC acquired a new stake in shares of EastGroup Properties in the second quarter valued at about $568,000. Finally, State of Michigan Retirement System raised its position in shares of EastGroup Properties by 2.9% in the second quarter. State of Michigan Retirement System now owns 10,627 shares of the real estate investment trust’s stock valued at $1,640,000 after buying an additional 300 shares during the last quarter. 89.68% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Trading Down 0.5 %

Shares of EGP opened at $156.07 on Thursday. The company has a current ratio of 0.03, a quick ratio of 0.03 and a debt-to-equity ratio of 0.85. EastGroup Properties, Inc. has a 12-month low of $137.47 and a 12-month high of $229.84. The firm has a 50-day moving average price of $150.32 and a 200 day moving average price of $158.69. The firm has a market capitalization of $6.80 billion, a P/E ratio of 29.73, a P/E/G ratio of 2.97 and a beta of 0.90.

EastGroup Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were issued a $1.25 dividend. The ex-dividend date was Thursday, September 29th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.20%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.10. EastGroup Properties’s dividend payout ratio is currently 95.24%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. BTIG Research reduced their target price on shares of EastGroup Properties from $248.00 to $198.00 and set a “buy” rating for the company in a research report on Monday, October 17th. Wells Fargo & Company increased their target price on shares of EastGroup Properties from $140.00 to $160.00 and gave the company an “equal weight” rating in a research report on Tuesday. Piper Sandler reduced their target price on shares of EastGroup Properties from $200.00 to $187.00 and set an “overweight” rating for the company in a research report on Friday, October 7th. Evercore ISI reduced their target price on shares of EastGroup Properties from $156.00 to $148.00 and set an “in-line” rating for the company in a research report on Tuesday, September 27th. Finally, StockNews.com cut shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research report on Friday, October 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties currently has an average rating of “Hold” and an average target price of $167.75.

EastGroup Properties Company Profile

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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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