PNC Financial Services Group Inc. Trims Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

PNC Financial Services Group Inc. decreased its holdings in EastGroup Properties, Inc. (NYSE:EGP) by 6.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,773 shares of the real estate investment trust’s stock after selling 187 shares during the quarter. PNC Financial Services Group Inc.’s holdings in EastGroup Properties were worth $509,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EGP. GAMMA Investing LLC acquired a new stake in EastGroup Properties during the 4th quarter worth approximately $31,000. Venturi Wealth Management LLC increased its position 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 acquiring an additional 66 shares in the last quarter. ZRC Wealth Management LLC purchased a new position in shares of EastGroup Properties in the 4th quarter valued at $37,000. Tucker Asset Management LLC acquired a new position in shares of EastGroup Properties during the 3rd quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in EastGroup Properties by 1,938.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 265 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 252 shares during the period. Hedge funds and other institutional investors own 92.14% of the company’s stock.

EastGroup Properties Trading Up 0.3 %

Shares of NYSE EGP opened at $169.10 on Friday. EastGroup Properties, Inc. has a 1-year low of $154.75 and a 1-year high of $188.85. The company has a 50-day moving average of $163.43 and a two-hundred day moving average of $173.87. The company has a market cap of $8.14 billion, a PE ratio of 36.68, a P/E/G ratio of 2.60 and a beta of 0.98. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.63.

EastGroup Properties Dividend Announcement

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 paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Friday, June 28th. EastGroup Properties’s dividend payout ratio (DPR) is presently 110.20%.

Analyst Ratings Changes

EGP has been the subject of several recent analyst reports. Evercore ISI lowered their target price on EastGroup Properties from $190.00 to $178.00 and set an “in-line” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. dropped their target price on shares of EastGroup Properties from $190.00 to $183.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Mizuho reduced their price target on shares of EastGroup Properties from $185.00 to $175.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. Piper Sandler lowered their price objective on EastGroup Properties from $215.00 to $200.00 and set an “overweight” rating for the company in a report on Monday, April 29th. Finally, BMO Capital Markets assumed coverage on EastGroup Properties in a report on Monday, April 22nd. They set an “outperform” rating and a $190.00 target price on the stock. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, EastGroup Properties has an average rating of “Hold” and a consensus target price of $182.41.

EastGroup Properties Company 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.