Arizona State Retirement System Acquires 966 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Arizona State Retirement System grew its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP – Get Rating) by 8.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,293 shares of the real estate investment trust’s stock after buying an additional 966 shares during the quarter. Arizona State Retirement System’s holdings in EastGroup Properties were worth $1,820,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in EGP. Group One Trading L.P. purchased a new stake in EastGroup Properties during the first quarter valued at approximately $41,000. Wipfli Financial Advisors LLC purchased a new stake in EastGroup Properties during the 3rd quarter valued at $44,000. Ellevest Inc. lifted its position in EastGroup Properties by 79.5% in the third quarter. Ellevest Inc. now owns 341 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 151 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in EastGroup Properties by 100.9% during the third quarter. Quadrant Capital Group LLC now owns 675 shares of the real estate investment trust’s stock worth $97,000 after buying an additional 339 shares during the period. Finally, Huntington National Bank increased its position in EastGroup Properties by 11.1% during the third quarter. Huntington National Bank now owns 681 shares of the real estate investment trust’s stock valued at $98,000 after acquiring an additional 68 shares during the last quarter. Institutional investors own 89.48% of the company’s stock.

EastGroup Properties Price Performance

EGP opened at $171.85 on Thursday. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 0.88. The business’s fifty day simple moving average is $163.73 and its 200-day simple moving average is $159.83. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of 44.41, a PEG ratio of 4.06 and a beta of 0.93. EastGroup Properties, Inc. has a 12-month low of $137.47 and a 12-month high of $180.25.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Friday, March 31st were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Thursday, March 30th. EastGroup Properties’s dividend payout ratio (DPR) is 129.20%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Piper Sandler restated an “overweight” rating and issued a $180.00 target price on shares of EastGroup Properties in a report on Wednesday, February 8th. KeyCorp raised their price objective on shares of EastGroup Properties from $170.00 to $174.00 in a research note on Friday, April 28th. Truist Financial upped their target price on EastGroup Properties from $170.00 to $180.00 and gave the company a “hold” rating in a research note on Tuesday, February 21st. StockNews.com upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a report on Wednesday, April 26th. Finally, Robert W. Baird boosted their price objective on EastGroup Properties from $170.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, February 9th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $170.70.

Insider Activity

In other news, Director Hayden C. Eaves III sold 638 shares of the stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $163.41, for a total transaction of $104,255.58. Following the transaction, the director now directly owns 7,540 shares in the company, valued at $1,232,111.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.

EastGroup Properties Company Profile

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EastGroup Properties, Inc is an internally-managed equity real estate investment trust, which engages in the development, acquisition, and operation of industrial properties. The company was founded in 1969 and is headquartered in Ridgeland, MS.