Westover Capital Advisors LLC Sells 582 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Westover Capital Advisors LLC cut its stake in EastGroup Properties, Inc. (NYSE:EGP) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,518 shares of the real estate investment trust’s stock after selling 582 shares during the period. EastGroup Properties accounts for about 1.1% of Westover Capital Advisors LLC’s investment portfolio, making the stock its 29th biggest position. Westover Capital Advisors LLC’s holdings in EastGroup Properties were worth $2,896,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of EastGroup Properties by 1.2% in the first quarter. JPMorgan Chase & Co. now owns 1,276,420 shares of the real estate investment trust’s stock worth $211,018,000 after acquiring an additional 15,667 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in shares of EastGroup Properties by 204.2% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,971 shares of the real estate investment trust’s stock worth $325,000 after buying an additional 1,323 shares during the period. Mercer Global Advisors Inc. ADV grew its position in shares of EastGroup Properties by 2.9% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 23,115 shares of the real estate investment trust’s stock worth $3,672,000 after buying an additional 642 shares during the period. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of EastGroup Properties during the 1st quarter worth approximately $49,000. Finally, State Street Corp grew its position in shares of EastGroup Properties by 0.3% during the 1st quarter. State Street Corp now owns 2,338,652 shares of the real estate investment trust’s stock worth $389,507,000 after buying an additional 8,017 shares during the period. 90.69% of the stock is owned by institutional investors.

EastGroup Properties Stock Down 0.8 %

EastGroup Properties stock opened at $177.08 on Wednesday. The stock has a market capitalization of $8.04 billion, a PE ratio of 47.22, a price-to-earnings-growth ratio of 3.43 and a beta of 0.93. EastGroup Properties, Inc. has a twelve month low of $137.47 and a twelve month high of $188.85. The company has a quick ratio of 0.01, a current ratio of 0.01 and a debt-to-equity ratio of 0.78. The company has a 50 day moving average of $178.66 and a 200-day moving average of $170.18.

EastGroup Properties Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 29th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Thursday, September 28th. This is a boost from EastGroup Properties’s previous quarterly dividend of $1.25. EastGroup Properties’s dividend payout ratio is 135.47%.

Analysts Set New Price Targets

EGP has been the subject of several analyst reports. StockNews.com initiated coverage on shares of EastGroup Properties in a research report on Thursday, August 17th. They set a “hold” rating for the company. Citigroup lifted their price target on shares of EastGroup Properties from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 14th. Morgan Stanley restated an “equal weight” rating and set a $158.00 price objective on shares of EastGroup Properties in a report on Tuesday, August 1st. BTIG Research boosted their price objective on shares of EastGroup Properties from $198.00 to $218.00 in a report on Wednesday, July 26th. Finally, KeyCorp boosted their price objective on shares of EastGroup Properties from $174.00 to $188.00 in a report on Wednesday, July 12th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties has a consensus rating of “Moderate Buy” and an average target price of $185.60.

Insider Activity

In other news, SVP Richard Reid Dunbar sold 1,600 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $181.25, for a total value of $290,000.00. Following the completion of the transaction, the senior vice president now owns 17,288 shares in the company, valued at $3,133,450. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.50% of the company’s stock.

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.