Summit Global Investments Makes New $211,000 Investment in EastGroup Properties, Inc. (NYSE:EGP)

Summit Global Investments purchased a new stake in EastGroup Properties, Inc. (NYSE:EGP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,147 shares of the real estate investment trust’s stock, valued at approximately $211,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC acquired a new stake in EastGroup Properties in the fourth quarter valued at approximately $31,000. Venturi Wealth Management LLC lifted its stake 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 acquiring an additional 66 shares during the last quarter. ZRC Wealth Management LLC acquired a new stake in shares of EastGroup Properties during the 4th quarter valued at $37,000. Tucker Asset Management LLC bought a new stake in EastGroup Properties during the 3rd quarter worth $44,000. Finally, Baker Avenue Asset Management LP increased its holdings 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 in the last quarter. 92.14% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Brent Wood sold 2,500 shares of EastGroup Properties stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the sale, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is currently owned by company insiders.

EastGroup Properties Trading Down 0.8 %

Shares of EastGroup Properties stock opened at $158.59 on Tuesday. The company’s 50-day moving average price is $171.98 and its 200-day moving average price is $174.81. The company has a market cap of $7.63 billion, a price-to-earnings ratio of 34.40, a PEG ratio of 2.78 and a beta of 0.96. EastGroup Properties, Inc. has a 12-month low of $154.75 and a 12-month high of $188.85. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63.

EastGroup Properties Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 3.20%. EastGroup Properties’s payout ratio is currently 110.20%.

Wall Street Analysts Forecast Growth

EGP has been the topic of several research reports. KeyCorp reduced their price target on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, April 30th. Piper Sandler decreased their price target on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a research report on Monday, April 29th. BMO Capital Markets initiated coverage on shares of EastGroup Properties in a report on Monday, April 22nd. They set an “outperform” rating and a $190.00 price target on the stock. Robert W. Baird decreased their price objective on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Finally, Evercore ISI cut their target price on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating on the stock in a report on Thursday, April 25th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $184.00.

EastGroup Properties Company 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.