Los Angeles Capital Management LLC Lowers Stock Position in EastGroup Properties, Inc. (NYSE:EGP)

Los Angeles Capital Management LLC lowered its position in shares of EastGroup Properties, Inc. (NYSE:EGPGet Rating) by 52.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,465 shares of the real estate investment trust’s stock after selling 6,014 shares during the quarter. Los Angeles Capital Management LLC’s holdings in EastGroup Properties were worth $843,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Advisor Partners LLC raised its position in shares of EastGroup Properties by 15.5% in the 1st quarter. Advisor Partners LLC now owns 1,065 shares of the real estate investment trust’s stock worth $216,000 after purchasing an additional 143 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of EastGroup Properties in the 1st quarter worth about $28,000. DekaBank Deutsche Girozentrale raised its position in shares of EastGroup Properties by 7.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 32,359 shares of the real estate investment trust’s stock worth $6,687,000 after purchasing an additional 2,221 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of EastGroup Properties by 6.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 16,340 shares of the real estate investment trust’s stock worth $3,322,000 after purchasing an additional 922 shares during the last quarter. Finally, National Asset Management Inc. raised its position in shares of EastGroup Properties by 7.2% in the 1st quarter. National Asset Management Inc. now owns 1,040 shares of the real estate investment trust’s stock worth $212,000 after purchasing an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 89.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on EGP shares. Wells Fargo & Company lowered their price target on EastGroup Properties from $178.00 to $140.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 18th. Piper Sandler lowered their price target on EastGroup Properties from $200.00 to $187.00 and set an “overweight” rating for the company in a research report on Friday, October 7th. Morgan Stanley lowered their price target on EastGroup Properties from $195.00 to $150.00 and set an “equal weight” rating for the company in a research report on Monday, October 17th. StockNews.com downgraded EastGroup Properties from a “hold” rating to a “sell” rating in a report on Friday, October 28th. Finally, Evercore ISI reduced their price objective on EastGroup Properties from $156.00 to $148.00 and set an “in-line” rating for the company in a report on Tuesday, September 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $165.25.

EastGroup Properties Price Performance

NYSE EGP opened at $153.36 on Wednesday. EastGroup Properties, Inc. has a one year low of $137.47 and a one year high of $229.84. The stock has a 50-day moving average of $152.40 and a 200 day moving average of $160.87. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of 29.21, a PEG ratio of 2.84 and a beta of 0.90. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.03 and a current ratio of 0.03.

EastGroup Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were paid a dividend of $1.25 per share. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.10. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend was Thursday, September 29th. EastGroup Properties’s payout ratio is currently 95.24%.

EastGroup Properties Company Profile

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EastGroup Properties, Inc (NYSE: EGP), an S&P MidCap 400 company, 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.

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Institutional Ownership by Quarter for EastGroup Properties (NYSE:EGP)

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