California Public Employees Retirement System Has $15.17 Million Holdings in EastGroup Properties, Inc. (NYSE:EGP)

California Public Employees Retirement System cut its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,651 shares of the real estate investment trust’s stock after selling 1,445 shares during the period. California Public Employees Retirement System owned 0.18% of EastGroup Properties worth $15,170,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of EastGroup Properties by 1.3% in the third quarter. Vanguard Group Inc. now owns 6,532,176 shares of the real estate investment trust’s stock valued at $1,087,803,000 after buying an additional 81,798 shares in the last quarter. Deutsche Bank AG raised its position in shares of EastGroup Properties by 3.9% in the third quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock valued at $173,598,000 after buying an additional 38,766 shares in the last quarter. Invesco Ltd. raised its position in shares of EastGroup Properties by 12.7% in the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock valued at $120,975,000 after buying an additional 81,636 shares in the last quarter. Wellington Management Group LLP raised its position in shares of EastGroup Properties by 113.1% in the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock valued at $115,773,000 after buying an additional 368,954 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of EastGroup Properties by 2.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 361,853 shares of the real estate investment trust’s stock valued at $66,414,000 after buying an additional 7,724 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Stock Down 1.5 %

Shares of EGP opened at $155.47 on Wednesday. EastGroup Properties, Inc. has a 52 week low of $154.75 and a 52 week high of $188.85. The stock has a market capitalization of $7.48 billion, a price-to-earnings ratio of 33.72, a PEG ratio of 2.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10. The stock has a fifty day moving average of $174.31 and a 200-day moving average of $175.03.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date was Wednesday, March 27th. EastGroup Properties’s payout ratio is 110.20%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on EGP shares. KeyCorp dropped their price target on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. began coverage on EastGroup Properties in a report on Thursday, April 11th. They issued a “neutral” rating and a $190.00 target price on the stock. Barclays decreased their price target on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research note on Monday. BMO Capital Markets initiated coverage on EastGroup Properties in a research report on Monday, April 22nd. They set an “outperform” rating and a $190.00 price objective for the company. Finally, Piper Sandler decreased their target price on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, EastGroup Properties has an average rating of “Hold” and an average target price of $186.27.

Insider Activity

In other news, CFO Brent Wood sold 2,500 shares of the stock in a transaction on Tuesday, February 13th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by corporate insiders.

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.