Mirae Asset Global Investments Co. Ltd. Trims Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Mirae Asset Global Investments Co. Ltd. lowered its position in EastGroup Properties, Inc. (NYSE:EGP) by 27.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,360 shares of the real estate investment trust’s stock after selling 509 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in EastGroup Properties were worth $219,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Retirement Systems of Alabama lifted its stake in EastGroup Properties by 1.7% during the 4th quarter. Retirement Systems of Alabama now owns 60,097 shares of the real estate investment trust’s stock valued at $9,645,000 after acquiring an additional 998 shares during the period. abrdn plc raised its holdings in shares of EastGroup Properties by 58.0% during the fourth quarter. abrdn plc now owns 15,662 shares of the real estate investment trust’s stock worth $2,524,000 after purchasing an additional 5,749 shares during the last quarter. Trust Point Inc. lifted its position in EastGroup Properties by 42.9% during the fourth quarter. Trust Point Inc. now owns 1,711 shares of the real estate investment trust’s stock valued at $275,000 after purchasing an additional 514 shares during the period. Optas LLC purchased a new stake in EastGroup Properties in the fourth quarter valued at $213,000. Finally, Horst & Graben Wealth Management LLC boosted its holdings in EastGroup Properties by 12.9% in the fourth quarter. Horst & Graben Wealth Management LLC now owns 7,488 shares of the real estate investment trust’s stock valued at $1,202,000 after purchasing an additional 856 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on EGP. Wedbush reissued an “outperform” rating and issued a $209.00 price objective on shares of EastGroup Properties in a report on Friday, October 25th. StockNews.com upgraded EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Monday. Wells Fargo & Company lowered their price objective on EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and lifted their target price for the company from $185.00 to $200.00 in a report on Wednesday, December 11th. Finally, KeyCorp reissued a “sector weight” rating on shares of EastGroup Properties in a report on Tuesday, December 17th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $190.88.

EastGroup Properties Stock Up 0.9 %

EGP stock opened at $180.55 on Friday. The stock has a market capitalization of $8.94 billion, a P/E ratio of 38.83, a P/E/G ratio of 3.23 and a beta of 1.00. EastGroup Properties, Inc. has a 52 week low of $155.10 and a 52 week high of $192.61. The firm has a 50-day simple moving average of $166.30 and a 200-day simple moving average of $175.52. The company has a quick ratio of 0.08, a current ratio of 0.08 and a debt-to-equity ratio of 0.57.

EastGroup Properties (NYSE:EGP) last posted its quarterly earnings data on Thursday, February 6th. The real estate investment trust reported $2.15 EPS for the quarter, topping the consensus estimate of $1.16 by $0.99. EastGroup Properties had a return on equity of 8.27% and a net margin of 35.57%. Equities analysts forecast that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $1.40 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.10%. EastGroup Properties’s payout ratio is currently 120.43%.

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.