Truist Financial Corp Has $7.75 Million Holdings in EastGroup Properties, Inc. (NYSE:EGP)

Truist Financial Corp lessened its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,217 shares of the real estate investment trust’s stock after selling 303 shares during the quarter. Truist Financial Corp owned approximately 0.09% of EastGroup Properties worth $7,749,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of EGP. Wellington Management Group LLP increased its position in EastGroup Properties by 113.1% during the third quarter. Wellington Management Group LLP now owns 695,206 shares of the real estate investment trust’s stock worth $115,773,000 after buying an additional 368,954 shares during the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of EastGroup Properties in the third quarter valued at approximately $58,974,000. Daiwa Securities Group Inc. grew its position in shares of EastGroup Properties by 1,265.5% in the third quarter. Daiwa Securities Group Inc. now owns 241,716 shares of the real estate investment trust’s stock valued at $40,253,000 after purchasing an additional 224,014 shares during the last quarter. American Century Companies Inc. grew its position in shares of EastGroup Properties by 1,206.6% in the third quarter. American Century Companies Inc. now owns 160,109 shares of the real estate investment trust’s stock valued at $26,663,000 after purchasing an additional 147,855 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of EastGroup Properties by 1.3% in the third quarter. Vanguard Group Inc. now owns 6,532,176 shares of the real estate investment trust’s stock valued at $1,087,803,000 after purchasing an additional 81,798 shares during the last quarter. Institutional investors and hedge funds own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on EGP. JPMorgan Chase & Co. decreased their target price on EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a research report on Thursday. Truist Financial upped their target price on EastGroup Properties from $186.00 to $188.00 and gave the company a “hold” rating in a research report on Tuesday, February 20th. Piper Sandler decreased their target price on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a research report on Monday, April 29th. KeyCorp cut their price target on EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Royal Bank of Canada boosted their price target on EastGroup Properties from $180.00 to $190.00 and gave the company a “sector perform” rating in a research note on Friday, February 16th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $185.13.

EastGroup Properties Stock Up 0.8 %

NYSE EGP opened at $159.86 on Friday. The business has a fifty day moving average price of $172.81 and a two-hundred day moving average price of $174.72. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.10 and a quick ratio of 0.10. EastGroup Properties, Inc. has a fifty-two week low of $154.75 and a fifty-two week high of $188.85. The stock has a market capitalization of $7.70 billion, a PE ratio of 34.68, a PEG ratio of 2.49 and a beta of 0.96.

EastGroup Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend was Wednesday, March 27th. EastGroup Properties’s payout ratio is presently 110.20%.

Insider Transactions at EastGroup Properties

In other news, CFO Brent Wood sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $182.74, for a total transaction of $456,850.00. Following the completion of the transaction, the chief financial officer now directly owns 102,617 shares in the company, valued at $18,752,230.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.

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.