Thurston Springer Miller Herd & Titak Inc. boosted its holdings in EastGroup Properties, Inc. (NYSE:EGP – Free Report) by 503.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 362 shares of the real estate investment trust’s stock after purchasing an additional 302 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in EastGroup Properties were worth $58,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in EGP. State Street Corp raised its holdings in shares of EastGroup Properties by 2.1% during the third quarter. State Street Corp now owns 2,427,405 shares of the real estate investment trust’s stock valued at $456,872,000 after purchasing an additional 49,268 shares during the period. FMR LLC boosted its holdings in EastGroup Properties by 67.9% in the third quarter. FMR LLC now owns 1,558,083 shares of the real estate investment trust’s stock worth $291,081,000 after acquiring an additional 629,827 shares in the last quarter. Geode Capital Management LLC grew its stake in EastGroup Properties by 1.2% in the third quarter. Geode Capital Management LLC now owns 899,219 shares of the real estate investment trust’s stock valued at $168,032,000 after acquiring an additional 10,435 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of EastGroup Properties by 7.9% during the second quarter. Dimensional Fund Advisors LP now owns 728,092 shares of the real estate investment trust’s stock valued at $123,848,000 after acquiring an additional 53,083 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of EastGroup Properties by 3.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 639,800 shares of the real estate investment trust’s stock worth $119,527,000 after purchasing an additional 22,328 shares during the period. 92.14% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts recently issued reports on EGP shares. Wedbush reissued an “outperform” rating and issued a $209.00 price target on shares of EastGroup Properties in a research report on Friday, October 25th. Barclays decreased their target price on shares of EastGroup Properties from $198.00 to $193.00 and set an “equal weight” rating for the company in a research report on Thursday, October 10th. KeyCorp reaffirmed a “sector weight” rating on shares of EastGroup Properties in a research report on Tuesday, December 17th. Raymond James raised EastGroup Properties from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th. Finally, Morgan Stanley cut their target price on EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Monday, December 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of “Moderate Buy” and an average price target of $190.88.
EastGroup Properties Trading Down 1.8 %
Shares of EGP stock opened at $161.35 on Friday. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57. The firm has a market cap of $7.99 billion, a P/E ratio of 33.34, a PEG ratio of 1.88 and a beta of 1.00. The company has a 50 day moving average of $166.46 and a 200-day moving average of $176.80. EastGroup Properties, Inc. has a 12-month low of $155.10 and a 12-month high of $192.61.
EastGroup Properties (NYSE:EGP – Get Free Report) last released its earnings results on Wednesday, October 23rd. The real estate investment trust reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.97). EastGroup Properties had a return on equity of 8.56% and a net margin of 37.19%. The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $161.52 million. During the same period in the prior year, the business earned $1.95 earnings per share. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. Sell-side analysts anticipate that EastGroup Properties, Inc. will post 8.34 earnings per share for the current year.
EastGroup Properties Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 3.47%. The ex-dividend date was Tuesday, December 31st. EastGroup Properties’s dividend payout ratio (DPR) is presently 115.70%.
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.
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