Sumitomo Mitsui DS Asset Management Company Ltd Purchases 172 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in EastGroup Properties, Inc. (NYSE:EGP) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,259 shares of the real estate investment trust’s stock after buying an additional 172 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in EastGroup Properties were worth $1,883,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Venturi Wealth Management LLC increased its position in shares of EastGroup Properties by 51.6% in the 4th quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 66 shares in the last quarter. ZRC Wealth Management LLC acquired a new position in EastGroup Properties in the 4th quarter worth $37,000. Tucker Asset Management LLC acquired a new position in EastGroup Properties in the 3rd quarter worth $44,000. Baker Avenue Asset Management LP boosted its stake in EastGroup Properties by 18.2% in the 3rd quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock worth $78,000 after purchasing an additional 72 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in EastGroup Properties by 68.0% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 494 shares of the real estate investment trust’s stock worth $82,000 after purchasing an additional 200 shares during the period. Institutional investors own 92.14% of the company’s stock.

Analyst Ratings Changes

EGP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on shares of EastGroup Properties in a research note on Thursday, April 11th. They issued a “neutral” rating and a $190.00 target price for the company. Truist Financial upped their target price 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. KeyCorp upped their target price 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. Royal Bank of Canada increased their price objective on shares of EastGroup Properties from $180.00 to $190.00 and gave the stock a “sector perform” rating in a research note on Friday, February 16th. Finally, Mizuho restated a “neutral” rating and set a $185.00 price objective 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 four have issued a buy rating to the stock. Based on data from MarketBeat.com, EastGroup Properties currently has an average rating of “Hold” and a consensus price target of $188.47.

EastGroup Properties Stock Down 4.8 %

Shares of EGP stock opened at $157.75 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.28 and a current ratio of 0.28. The firm’s 50-day moving average is $176.44 and its 200-day moving average is $175.37. The stock has a market cap of $7.57 billion, a price-to-earnings ratio of 34.22, a PEG ratio of 2.63 and a beta of 0.93. EastGroup Properties, Inc. has a 52-week low of $154.75 and a 52-week high of $188.85.

EastGroup Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $1.27 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.22%. EastGroup Properties’s payout ratio is 110.20%.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total value of $456,850.00. Following the sale, the chief financial officer now directly owns 102,617 shares of the company’s stock, valued at approximately $18,752,230.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by insiders.

About EastGroup Properties

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.