EastGroup Properties, Inc. (NYSE:EGP) Shares Acquired by Covestor Ltd

Covestor Ltd lifted its position in shares of EastGroup Properties, Inc. (NYSE:EGP) by 260.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 930 shares of the real estate investment trust’s stock after purchasing an additional 672 shares during the period. Covestor Ltd’s holdings in EastGroup Properties were worth $167,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of EGP. Raymond James Trust N.A. lifted its position in shares of EastGroup Properties by 12.7% during the 4th quarter. Raymond James Trust N.A. now owns 2,062 shares of the real estate investment trust’s stock worth $378,000 after purchasing an additional 232 shares during the last quarter. Raymond James & Associates lifted its position in shares of EastGroup Properties by 3.8% during the 4th quarter. Raymond James & Associates now owns 120,580 shares of the real estate investment trust’s stock worth $22,131,000 after purchasing an additional 4,431 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of EastGroup Properties by 11.2% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 5,658 shares of the real estate investment trust’s stock worth $1,038,000 after purchasing an additional 572 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of EastGroup Properties by 15.0% during the 4th quarter. Pacer Advisors Inc. now owns 61,527 shares of the real estate investment trust’s stock worth $11,293,000 after purchasing an additional 8,002 shares during the last quarter. Finally, ZRC Wealth Management LLC purchased a new stake in shares of EastGroup Properties during the 4th quarter worth $37,000. 92.14% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Performance

Shares of EastGroup Properties stock traded down $0.69 on Tuesday, reaching $190.65. 119,104 shares of the stock were exchanged, compared to its average volume of 281,457. EastGroup Properties, Inc. has a 1-year low of $154.75 and a 1-year high of $191.61. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63. The business has a fifty day moving average price of $169.80 and a two-hundred day moving average price of $173.30. The firm has a market capitalization of $9.18 billion, a PE ratio of 41.49, a PEG ratio of 2.92 and a beta of 0.98.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $1.27 per share. The ex-dividend date was Friday, June 28th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.66%. EastGroup Properties’s dividend payout ratio (DPR) is 110.20%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. BNP Paribas assumed coverage on shares of EastGroup Properties in a research report on Tuesday, June 4th. They issued a “neutral” rating and a $167.00 price target for the company. BMO Capital Markets assumed coverage on shares of EastGroup Properties in a research report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price target for the company. Evercore ISI reduced their price target on shares of EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research report on Thursday, April 25th. Robert W. Baird reduced their price target on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Finally, Wedbush raised shares of EastGroup Properties from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $162.00 to $208.00 in a research report on Monday. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $182.75.

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.