EastGroup Properties, Inc. (NYSE:EGP) Shares Sold by Swiss National Bank

Swiss National Bank reduced its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 8.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,387 shares of the real estate investment trust’s stock after selling 8,200 shares during the period. Swiss National Bank owned about 0.19% of EastGroup Properties worth $16,406,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. New York Life Investment Management LLC increased its position in shares of EastGroup Properties by 651.0% during the fourth 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. Pacer Advisors Inc. raised its position in EastGroup Properties by 15.0% in the 4th quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock valued at $11,293,000 after purchasing an additional 8,002 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of EastGroup Properties by 2.2% in the 4th 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 during the period. Russell Investments Group Ltd. grew its position in shares of EastGroup Properties by 5.2% during the fourth quarter. Russell Investments Group Ltd. now owns 347,083 shares of the real estate investment trust’s stock worth $63,763,000 after buying an additional 17,128 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of EastGroup Properties by 3.5% during the third quarter. The Manufacturers Life Insurance Company now owns 272,447 shares of the real estate investment trust’s stock worth $45,370,000 after buying an additional 9,160 shares in the last quarter. 92.14% of the stock is currently owned by institutional investors and hedge funds.

EastGroup Properties Price Performance

Shares of NYSE:EGP opened at $165.01 on Friday. EastGroup Properties, Inc. has a one year low of $154.75 and a one year high of $188.85. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of 35.79, a PEG ratio of 2.78 and a beta of 0.96. The company has a 50-day simple moving average of $171.16 and a 200-day simple moving average of $174.68. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.10 and a current ratio of 0.10.

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $5.08 annualized dividend and a yield of 3.08%. EastGroup Properties’s dividend payout ratio is currently 110.20%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Piper Sandler lowered their price target on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Royal Bank of Canada lowered their target price on shares of EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating for the company in a research note on Monday. Robert W. Baird decreased their price target on EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Evercore ISI lowered their price objective on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research report on Thursday, April 25th. Finally, Barclays cut their target price on EastGroup Properties from $181.00 to $175.00 and set an “equal weight” rating on the stock in a research report on Monday, April 29th. Ten research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $184.00.

Insider Activity at EastGroup Properties

In other EastGroup Properties news, CFO Brent Wood sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $182.74, for a total transaction of $456,850.00. Following the transaction, the chief financial officer now owns 102,617 shares in the company, valued at approximately $18,752,230.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is owned by insiders.

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.