First Hawaiian Bank Reduces Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

First Hawaiian Bank lessened its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 1.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,199 shares of the real estate investment trust’s stock after selling 76 shares during the quarter. First Hawaiian Bank’s holdings in EastGroup Properties were worth $755,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC boosted its holdings in shares of EastGroup Properties by 51.6% in the fourth quarter. Venturi Wealth Management LLC now owns 194 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 66 shares during the last quarter. Baker Avenue Asset Management LP boosted its holdings in shares of EastGroup Properties by 18.2% in the third quarter. Baker Avenue Asset Management LP now owns 467 shares of the real estate investment trust’s stock worth $78,000 after buying an additional 72 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in shares of EastGroup Properties by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 19,264 shares of the real estate investment trust’s stock worth $3,208,000 after buying an additional 100 shares during the last quarter. Securian Asset Management Inc. boosted its holdings in shares of EastGroup Properties by 2.6% in the fourth quarter. Securian Asset Management Inc. now owns 3,945 shares of the real estate investment trust’s stock worth $724,000 after buying an additional 100 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of EastGroup Properties by 5.5% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 2,748 shares of the real estate investment trust’s stock worth $504,000 after buying an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on EGP shares. Mizuho dropped their price objective on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. BMO Capital Markets began coverage on shares of EastGroup Properties in a report on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price objective on the stock. Piper Sandler lowered their price target on shares of EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating on the stock in a report on Monday, April 29th. Royal Bank of Canada lowered their price target on shares of EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating on the stock in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $182.41.

EastGroup Properties Trading Down 0.4 %

EastGroup Properties stock opened at $165.96 on Friday. The stock has a market cap of $7.99 billion, a P/E ratio of 36.00, a PEG ratio of 2.60 and a beta of 0.98. 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 1 year low of $154.75 and a 1 year high of $188.85. The firm’s 50 day moving average price is $163.18 and its 200-day moving average price is $174.09.

EastGroup Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Friday, June 28th. EastGroup Properties’s dividend payout ratio is presently 110.20%.

EastGroup Properties 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.