WCM Investment Management LLC Has $3.43 Million Stock Holdings in EastGroup Properties, Inc. (NYSE:EGP)

WCM Investment Management LLC increased its position in EastGroup Properties, Inc. (NYSE:EGP) by 14.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 18,531 shares of the real estate investment trust’s stock after purchasing an additional 2,288 shares during the quarter. WCM Investment Management LLC’s holdings in EastGroup Properties were worth $3,428,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in EGP. Morgan Stanley grew its stake in shares of EastGroup Properties by 544.4% in the 4th quarter. Morgan Stanley now owns 2,044,292 shares of the real estate investment trust’s stock valued at $302,678,000 after buying an additional 1,727,071 shares during the period. Norges Bank bought a new position in shares of EastGroup Properties during the 4th quarter worth approximately $64,710,000. Wellington Management Group LLP lifted its position in shares of EastGroup Properties by 113.1% during the 3rd quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock worth $115,773,000 after buying an additional 368,954 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of EastGroup Properties during the 3rd quarter worth approximately $58,974,000. Finally, State Street Corp lifted its position in shares of EastGroup Properties by 11.5% during the 1st quarter. State Street Corp now owns 2,412,188 shares of the real estate investment trust’s stock worth $492,949,000 after buying an additional 248,538 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at EastGroup Properties

In related news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on EGP shares. Royal Bank of Canada lifted their target price on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a “sector perform” rating in a research report on Friday, February 16th. Barclays initiated coverage on shares of EastGroup Properties in a research note on Wednesday, March 27th. They set an “equal weight” rating and a $181.00 price target for the company. KeyCorp raised their price target on shares of EastGroup Properties from $188.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, February 12th. Truist Financial raised their price target on shares of EastGroup Properties from $186.00 to $188.00 and gave the stock a “hold” rating in a research note on Tuesday, February 20th. Finally, Mizuho restated a “neutral” rating and set a $185.00 price target on shares of EastGroup Properties in a research note on Tuesday, April 2nd. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of “Hold” and an average target price of $188.36.

EastGroup Properties Stock Down 1.1 %

EastGroup Properties stock opened at $171.05 on Monday. EastGroup Properties, Inc. has a 1-year low of $154.75 and a 1-year high of $188.85. The firm has a market capitalization of $8.20 billion, a price-to-earnings ratio of 38.79, a P/E/G ratio of 2.71 and a beta of 0.93. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.64. The firm has a 50 day simple moving average of $179.12 and a 200 day simple moving average of $175.44.

EastGroup Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a yield of 2.97%. EastGroup Properties’s dividend payout ratio is 115.19%.

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.