Lazard Asset Management LLC Acquires 121 Shares of EastGroup Properties, Inc. (NYSE:EGP)

Lazard Asset Management LLC grew its holdings in EastGroup Properties, Inc. (NYSE:EGPGet Rating) by 26.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 572 shares of the real estate investment trust’s stock after purchasing an additional 121 shares during the quarter. Lazard Asset Management LLC’s holdings in EastGroup Properties were worth $88,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Better Money Decisions LLC bought a new stake in shares of EastGroup Properties in the 2nd quarter valued at about $30,000. Group One Trading L.P. bought a new position in shares of EastGroup Properties during the 1st quarter worth approximately $41,000. Norinchukin Bank The raised its stake in shares of EastGroup Properties by 7.6% during the 1st quarter. Norinchukin Bank The now owns 1,015 shares of the real estate investment trust’s stock worth $206,000 after acquiring an additional 72 shares in the last quarter. National Asset Management Inc. raised its stake in shares of EastGroup Properties by 7.2% during the 1st quarter. National Asset Management Inc. now owns 1,040 shares of the real estate investment trust’s stock worth $212,000 after acquiring an additional 70 shares in the last quarter. Finally, Private Advisor Group LLC raised its stake in shares of EastGroup Properties by 10.3% during the 1st quarter. Private Advisor Group LLC now owns 1,212 shares of the real estate investment trust’s stock worth $246,000 after acquiring an additional 113 shares in the last quarter. Institutional investors own 89.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on EGP. StockNews.com lowered shares of EastGroup Properties from a “hold” rating to a “sell” rating in a research note on Friday, October 28th. BTIG Research reduced their price objective on shares of EastGroup Properties from $248.00 to $198.00 and set a “buy” rating for the company in a research note on Monday, October 17th. Piper Sandler dropped their target price on shares of EastGroup Properties from $200.00 to $187.00 and set an “overweight” rating on the stock in a research report on Friday, October 7th. Evercore ISI dropped their target price on shares of EastGroup Properties from $156.00 to $148.00 and set an “in-line” rating on the stock in a research report on Tuesday, September 27th. Finally, Wells Fargo & Company boosted their target price on shares of EastGroup Properties from $140.00 to $160.00 and gave the stock an “equal weight” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, EastGroup Properties currently has a consensus rating of “Hold” and an average price target of $167.75.

EastGroup Properties Stock Down 0.5 %

EGP stock opened at $156.07 on Thursday. The firm’s fifty day simple moving average is $150.32 and its 200-day simple moving average is $158.69. The company has a market capitalization of $6.80 billion, a P/E ratio of 29.73, a price-to-earnings-growth ratio of 2.97 and a beta of 0.90. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.03 and a quick ratio of 0.03. EastGroup Properties, Inc. has a 12 month low of $137.47 and a 12 month high of $229.84.

EastGroup Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were issued a $1.25 dividend. This is an increase from EastGroup Properties’s previous quarterly dividend of $1.10. This represents a $5.00 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Thursday, September 29th. EastGroup Properties’s dividend payout ratio is 95.24%.

About EastGroup Properties

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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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