Mitsubishi UFJ Asset Management UK Ltd. reduced its stake in shares of Eastgroup Properties Inc (NYSE:EGP) by 50.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,900 shares of the real estate investment trust’s stock after selling 7,000 shares during the period. Mitsubishi UFJ Asset Management UK Ltd.’s holdings in Eastgroup Properties were worth $633,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in EGP. First Hawaiian Bank raised its holdings in Eastgroup Properties by 2.7% in the fourth quarter. First Hawaiian Bank now owns 5,285 shares of the real estate investment trust’s stock valued at $485,000 after buying an additional 138 shares during the period. State of Alaska Department of Revenue raised its holdings in Eastgroup Properties by 1.6% in the fourth quarter. State of Alaska Department of Revenue now owns 23,525 shares of the real estate investment trust’s stock valued at $2,156,000 after buying an additional 374 shares during the period. Vanguard Group Inc raised its holdings in Eastgroup Properties by 2.2% in the third quarter. Vanguard Group Inc now owns 5,502,403 shares of the real estate investment trust’s stock valued at $526,140,000 after buying an additional 116,567 shares during the period. Marshall Wace North America L.P. purchased a new position in Eastgroup Properties in the third quarter valued at approximately $545,000. Finally, Vanguard Group Inc. raised its holdings in Eastgroup Properties by 2.2% in the third quarter. Vanguard Group Inc. now owns 5,502,403 shares of the real estate investment trust’s stock valued at $526,140,000 after buying an additional 116,567 shares during the period. Institutional investors and hedge funds own 94.58% of the company’s stock.
Separately, Zacks Investment Research lowered shares of Eastgroup Properties from a “buy” rating to a “hold” rating in a report on Wednesday, December 5th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $98.32.
EGP opened at $97.68 on Wednesday. The company has a market cap of $3.50 billion, a PE ratio of 22.93, a PEG ratio of 3.86 and a beta of 0.74. Eastgroup Properties Inc has a 52-week low of $77.74 and a 52-week high of $102.05.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, December 28th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.95%. Eastgroup Properties’s dividend payout ratio is currently 67.61%.
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Eastgroup Properties Company Profile
EastGroup Properties, Inc 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.
Further Reading: What is the Coverage Ratio?
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