Renaissance Technologies LLC Lowers Stake in EastGroup Properties, Inc. (NYSE:EGP)

Renaissance Technologies LLC reduced its holdings in shares of EastGroup Properties, Inc. (NYSE:EGP – Get Rating) by 79.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,900 shares of the real estate investment trust’s stock after selling 143,700 shares during the period. Renaissance Technologies LLC owned 0.09% of EastGroup Properties worth $5,470,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Group One Trading L.P. purchased a new position in EastGroup Properties in the first quarter worth about $41,000. C M Bidwell & Associates Ltd. bought a new stake in shares of EastGroup Properties in the second quarter worth approximately $44,000. Wipfli Financial Advisors LLC bought a new stake in shares of EastGroup Properties in the third quarter worth approximately $44,000. Ellevest Inc. grew its stake in shares of EastGroup Properties by 79.5% in the third quarter. Ellevest Inc. now owns 341 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 151 shares during the period. Finally, Lazard Asset Management LLC grew its stake in shares of EastGroup Properties by 26.8% in the second quarter. Lazard Asset Management LLC now owns 572 shares of the real estate investment trust’s stock worth $88,000 after acquiring an additional 121 shares during the period. 89.48% of the stock is owned by hedge funds and other institutional investors.

EastGroup Properties Stock Down 3.7 %

Shares of NYSE:EGP opened at $156.14 on Friday. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 35.57, a price-to-earnings-growth ratio of 3.86 and a beta of 0.92. EastGroup Properties, Inc. has a 52 week low of $137.47 and a 52 week high of $217.46. The firm has a 50 day moving average of $163.27 and a 200 day moving average of $157.05.

EastGroup Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Thursday, March 30th. EastGroup Properties’s dividend payout ratio (DPR) is 113.90%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EGP. Wells Fargo & Company boosted their target price on shares of EastGroup Properties from $140.00 to $160.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 22nd. KeyCorp raised shares of EastGroup Properties from a “sector weight” rating to an “overweight” rating and set a $170.00 price target on the stock in a report on Wednesday, December 14th. Piper Sandler restated an “overweight” rating and set a $180.00 price objective on shares of EastGroup Properties in a research report on Wednesday, February 8th. Robert W. Baird raised their price objective on EastGroup Properties from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, February 9th. Finally, Truist Financial lifted their price target on EastGroup Properties from $170.00 to $180.00 and gave the stock a “hold” rating in a research report on Tuesday, February 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, EastGroup Properties presently has an average rating of “Hold” and a consensus target price of $169.80.

About EastGroup Properties

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EastGroup Properties, Inc is an internally-managed equity real estate investment trust, which engages in the development, acquisition, and operation of industrial properties. The company was founded in 1969 and is headquartered in Ridgeland, MS.