CIBC Asset Management Inc Acquires 72 Shares of EastGroup Properties, Inc. (NYSE:EGP)

CIBC Asset Management Inc increased its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP) by 5.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,458 shares of the real estate investment trust’s stock after acquiring an additional 72 shares during the period. CIBC Asset Management Inc’s holdings in EastGroup Properties were worth $234,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of EGP. Creative Planning lifted its stake in shares of EastGroup Properties by 4.8% during the 3rd quarter. Creative Planning now owns 2,555 shares of the real estate investment trust’s stock worth $477,000 after acquiring an additional 117 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of EastGroup Properties by 35.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,869 shares of the real estate investment trust’s stock worth $351,000 after acquiring an additional 488 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of EastGroup Properties by 7.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 1,350 shares of the real estate investment trust’s stock worth $252,000 after acquiring an additional 90 shares during the period. State of Alaska Department of Revenue increased its position in shares of EastGroup Properties by 1.4% during the third quarter. State of Alaska Department of Revenue now owns 28,649 shares of the real estate investment trust’s stock worth $5,350,000 after acquiring an additional 382 shares during the period. Finally, J.W. Cole Advisors Inc. purchased a new position in shares of EastGroup Properties during the third quarter worth approximately $754,000. 92.14% of the stock is owned by institutional investors.

EastGroup Properties Stock Performance

Shares of EGP stock opened at $181.95 on Wednesday. The business’s fifty day simple moving average is $167.89 and its 200-day simple moving average is $175.18. The company has a market cap of $9.47 billion, a PE ratio of 39.13, a PEG ratio of 3.35 and a beta of 1.00. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.46. EastGroup Properties, Inc. has a 12-month low of $155.10 and a 12-month high of $192.61.

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

EastGroup Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.40 per share. The ex-dividend date was Tuesday, December 31st. This represents a $5.60 dividend on an annualized basis and a yield of 3.08%. EastGroup Properties’s dividend payout ratio is currently 120.43%.

Analyst Upgrades and Downgrades

EGP has been the topic of a number of research reports. StockNews.com raised shares of EastGroup Properties from a “sell” rating to a “hold” rating in a research report on Monday, February 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $186.00 target price on shares of EastGroup Properties in a research report on Wednesday, October 30th. Wells Fargo & Company reduced their target price on shares of EastGroup Properties from $214.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Morgan Stanley dropped their target price on shares of EastGroup Properties from $186.00 to $180.00 and set an “equal weight” rating on the stock in a report on Monday, December 30th. Finally, Raymond James upgraded shares of EastGroup Properties from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from $185.00 to $200.00 in a report on Wednesday, December 11th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, EastGroup Properties currently has an average rating of “Moderate Buy” and a consensus price target of $191.65.

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.