Diversified Trust Co bought a new stake in shares of Eastgroup Properties Inc (NYSE:EGP) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,065 shares of the real estate investment trust’s stock, valued at approximately $482,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in EGP. Van ECK Associates Corp bought a new stake in Eastgroup Properties during the 4th quarter valued at $29,000. Pearl River Capital LLC bought a new stake in Eastgroup Properties during the 1st quarter valued at $45,000. Rockefeller Capital Management L.P. bought a new stake in Eastgroup Properties during the 1st quarter valued at $54,000. FDx Advisors Inc. bought a new stake in Eastgroup Properties during the 1st quarter valued at $106,000. Finally, Exane Derivatives boosted its position in Eastgroup Properties by 3,733.3% during the 1st quarter. Exane Derivatives now owns 1,495 shares of the real estate investment trust’s stock valued at $156,000 after acquiring an additional 1,456 shares in the last quarter. 92.35% of the stock is currently owned by institutional investors and hedge funds.
NYSE EGP opened at $118.27 on Thursday. The stock has a 50-day simple moving average of $117.27 and a two-hundred day simple moving average of $119.76. The firm has a market capitalization of $4.59 billion, a P/E ratio of 36.84, a PEG ratio of 5.53 and a beta of 0.82. Eastgroup Properties Inc has a fifty-two week low of $83.40 and a fifty-two week high of $142.69. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.01 and a current ratio of 0.01.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.54%. The ex-dividend date is Monday, June 29th. Eastgroup Properties’s payout ratio is 60.24%.
In related news, Director H C. Bailey, Jr. sold 500 shares of Eastgroup Properties stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $117.08, for a total value of $58,540.00. Following the sale, the director now directly owns 4,332 shares in the company, valued at approximately $507,190.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.00% of the company’s stock.
Several analysts have recently commented on EGP shares. Royal Bank of Canada increased their price objective on Eastgroup Properties from $102.00 to $108.00 and gave the company a “sector perform” rating in a report on Friday, May 8th. Piper Sandler decreased their price objective on Eastgroup Properties from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. Citigroup decreased their price objective on Eastgroup Properties from $133.00 to $98.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Finally, Zacks Investment Research lowered Eastgroup Properties from a “buy” rating to a “hold” rating in a research note on Friday, June 26th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Eastgroup Properties presently has a consensus rating of “Hold” and an average target price of $125.25.
Eastgroup Properties 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.
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