24,715 Shares in EastGroup Properties, Inc. (NYSE:EGP) Purchased by Proficio Capital Partners LLC

Proficio Capital Partners LLC purchased a new stake in EastGroup Properties, Inc. (NYSE:EGP) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 24,715 shares of the real estate investment trust’s stock, valued at approximately $3,967,000.

Other hedge funds have also recently bought and sold shares of the company. Cerity Partners LLC grew its position in shares of EastGroup Properties by 35.6% in the third quarter. Cerity Partners LLC now owns 13,624 shares of the real estate investment trust’s stock valued at $2,545,000 after purchasing an additional 3,574 shares during the last quarter. Franklin Resources Inc. boosted its stake in EastGroup Properties by 337.0% in the 3rd quarter. Franklin Resources Inc. now owns 49,097 shares of the real estate investment trust’s stock valued at $8,728,000 after purchasing an additional 37,863 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in EastGroup Properties by 20.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,625 shares of the real estate investment trust’s stock valued at $261,000 after buying an additional 275 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in EastGroup Properties by 5.5% in the 4th quarter. Bank of New York Mellon Corp now owns 452,429 shares of the real estate investment trust’s stock valued at $72,610,000 after buying an additional 23,626 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in EastGroup Properties by 6.1% during the 4th quarter. Nordea Investment Management AB now owns 72,392 shares of the real estate investment trust’s stock worth $11,667,000 after buying an additional 4,176 shares during the period. 92.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reduced their target price on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating for the company in a research report on Monday, December 30th. Raymond James raised shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $185.00 to $200.00 in a report on Wednesday, December 11th. Evercore ISI reaffirmed an “in-line” rating and set a $185.00 target price (up from $181.00) on shares of EastGroup Properties in a report on Monday. Jefferies Financial Group upgraded shares of EastGroup Properties from a “hold” rating to a “buy” rating and lifted their price target for the company from $174.00 to $194.00 in a research report on Thursday, January 2nd. Finally, Truist Financial increased their price target on EastGroup Properties from $168.00 to $180.00 and gave the stock a “hold” rating in a research report on Friday, February 14th. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $190.47.

EastGroup Properties Stock Performance

EastGroup Properties stock opened at $181.23 on Tuesday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 0.46. The stock has a market cap of $9.43 billion, a PE ratio of 38.97, a P/E/G ratio of 3.35 and a beta of 0.99. EastGroup Properties, Inc. has a 12-month low of $155.10 and a 12-month high of $192.61. The business’s 50-day moving average price is $173.91 and its two-hundred day moving average price is $175.01.

EastGroup Properties (NYSE:EGP) last announced its quarterly earnings results on Thursday, February 6th. The real estate investment trust reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.99. EastGroup Properties had a net margin of 35.57% and a return on equity of 7.89%. As a group, analysts expect that EastGroup Properties, Inc. will post 8.94 earnings per share for the current fiscal year.

EastGroup Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date is Monday, March 31st. EastGroup Properties’s payout ratio is 120.43%.

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.