Janney Montgomery Scott LLC reduced its stake in shares of EastGroup Properties, Inc. (NYSE:EGP – Get Rating) by 9.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,997 shares of the real estate investment trust’s stock after selling 214 shares during the period. Janney Montgomery Scott LLC’s holdings in EastGroup Properties were worth $316,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Swiss National Bank boosted its holdings in EastGroup Properties by 8.1% in the first quarter. Swiss National Bank now owns 96,187 shares of the real estate investment trust’s stock worth $19,553,000 after purchasing an additional 7,200 shares in the last quarter. Park Avenue Securities LLC bought a new stake in EastGroup Properties in the second quarter worth $210,000. New York State Teachers Retirement System boosted its holdings in EastGroup Properties by 0.3% in the second quarter. New York State Teachers Retirement System now owns 59,330 shares of the real estate investment trust’s stock worth $9,156,000 after purchasing an additional 200 shares in the last quarter. Aptus Capital Advisors LLC boosted its holdings in EastGroup Properties by 6.8% in the first quarter. Aptus Capital Advisors LLC now owns 15,785 shares of the real estate investment trust’s stock worth $3,209,000 after purchasing an additional 1,005 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. AG bought a new stake in EastGroup Properties in the first quarter worth $2,203,000. 89.68% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages recently issued reports on EGP. Wells Fargo & Company decreased their price objective on shares of EastGroup Properties from $178.00 to $140.00 and set an “equal weight” rating for the company in a report on Tuesday, October 18th. StockNews.com cut shares of EastGroup Properties from a “hold” rating to a “sell” rating in a report on Friday, October 28th. Piper Sandler decreased their price target on shares of EastGroup Properties from $200.00 to $187.00 and set an “overweight” rating for the company in a report on Friday, October 7th. Morgan Stanley decreased their price target on shares of EastGroup Properties from $195.00 to $150.00 and set an “equal weight” rating for the company in a report on Monday, October 17th. Finally, Evercore ISI decreased their price target on shares of 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 assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $165.25.
EastGroup Properties Stock Down 2.2 %
EastGroup Properties Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 3.18%. This is a positive change from EastGroup Properties’s previous quarterly dividend of $1.10. EastGroup Properties’s dividend payout ratio is currently 95.24%.
EastGroup Properties Profile
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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