Amalgamated Bank Raises Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Amalgamated Bank lifted its stake in EastGroup Properties, Inc. (NYSE:EGP) by 3.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,178 shares of the real estate investment trust’s stock after purchasing an additional 1,051 shares during the quarter. Amalgamated Bank owned about 0.07% of EastGroup Properties worth $5,539,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Summit Global Investments acquired a new stake in shares of EastGroup Properties during the fourth quarter worth $211,000. New York Life Investment Management LLC lifted its position in EastGroup Properties by 651.0% during the 4th quarter. New York Life Investment Management LLC now owns 15,186 shares of the real estate investment trust’s stock worth $2,787,000 after acquiring an additional 13,164 shares during the period. Victory Capital Management Inc. grew its stake in EastGroup Properties by 3.5% during the 4th quarter. Victory Capital Management Inc. now owns 8,471 shares of the real estate investment trust’s stock valued at $1,555,000 after purchasing an additional 283 shares during the last quarter. Mach 1 Financial Group LLC acquired a new position in shares of EastGroup Properties in the fourth quarter valued at about $478,000. Finally, Van ECK Associates Corp raised its stake in shares of EastGroup Properties by 16.6% in the fourth quarter. Van ECK Associates Corp now owns 15,854 shares of the real estate investment trust’s stock worth $2,910,000 after purchasing an additional 2,256 shares during the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related 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 of the company’s stock, valued at approximately $18,752,230.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. BMO Capital Markets started coverage on EastGroup Properties in a research report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 target price on the stock. Evercore ISI cut their price target on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a research report on Thursday, April 25th. Truist Financial boosted their price objective on EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a report on Tuesday, February 20th. Barclays reduced their price target on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating for the company in a research report on Monday, April 29th. Finally, Robert W. Baird dropped their price objective on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, EastGroup Properties currently has an average rating of “Hold” and an average price target of $184.00.

EastGroup Properties Stock Down 0.8 %

EGP opened at $158.59 on Tuesday. The company has a market cap of $7.63 billion, a PE ratio of 34.40, a price-to-earnings-growth ratio of 2.78 and a beta of 0.96. EastGroup Properties, Inc. has a twelve month low of $154.75 and a twelve month high of $188.85. The company has a 50-day moving average price of $171.98 and a 200 day moving average price of $174.81. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63.

EastGroup Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $1.27 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $5.08 annualized dividend and a dividend yield of 3.20%. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

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.