Wellington Management Group LLP Sells 15,370 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Wellington Management Group LLP decreased its stake in shares of EastGroup Properties, Inc. (NYSE:EGP) by 2.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 679,836 shares of the real estate investment trust’s stock after selling 15,370 shares during the period. Wellington Management Group LLP owned about 1.42% of EastGroup Properties worth $124,777,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in 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 worth $1,087,803,000 after acquiring an additional 81,798 shares during the period. Deutsche Bank AG raised its position in EastGroup Properties by 3.9% in the third quarter. Deutsche Bank AG now owns 1,042,443 shares of the real estate investment trust’s stock worth $173,598,000 after acquiring an additional 38,766 shares during the period. Boston Partners raised its position in EastGroup Properties by 42.7% in the fourth quarter. Boston Partners now owns 756,309 shares of the real estate investment trust’s stock worth $138,813,000 after acquiring an additional 226,169 shares during the period. Invesco Ltd. raised its position in EastGroup Properties by 12.7% in the third quarter. Invesco Ltd. now owns 726,446 shares of the real estate investment trust’s stock worth $120,975,000 after acquiring an additional 81,636 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in EastGroup Properties by 4.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 666,304 shares of the real estate investment trust’s stock worth $122,295,000 after acquiring an additional 29,479 shares during the period. Institutional investors own 92.14% of the company’s stock.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $165.96 on Friday. The company’s 50-day moving average price is $163.18 and its 200-day moving average price is $174.09. EastGroup Properties, Inc. has a twelve month low of $154.75 and a twelve month high of $188.85. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.63. The company has a market cap of $7.99 billion, a PE ratio of 36.00, a price-to-earnings-growth ratio of 2.60 and a beta of 0.98.

EastGroup Properties Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EGP. KeyCorp reduced their price objective on shares of EastGroup Properties from $198.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday, April 30th. Royal Bank of Canada reduced their price objective on shares of EastGroup Properties from $190.00 to $172.00 and set a “sector perform” rating for the company in a research note on Monday, May 6th. Mizuho reduced their price objective on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Robert W. Baird reduced their price objective on shares of EastGroup Properties from $195.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Finally, BMO Capital Markets began coverage on shares of EastGroup Properties in a research note on Monday, April 22nd. They issued an “outperform” rating and a $190.00 price objective for the company. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $182.41.

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.